5 Ways to Benefit from a HELOC in Las Vegas
You already know there's no such thing as "free money," but a home equity line of credit in Las Vegas just might be the next best thing if you're facing some ongoing expenses.
Known for short as a HELOC, this line of credit allows you to borrow from the equity in your home, though not all of it. Depending on your credit rating and the total amount of your outstanding debt, you could borrow up to 90 percent of the appraised value of your home, minus the amount you owe on your first mortgage. You pay interest only on the amount of money you borrow.
National financial experts render different opinions on what constitutes a "good" use of HELOC money. Then again, they're not standing in your shoes, with upcoming expenses looming large. If you're wondering what other homeowners who wear similar shoes do with HELOC money, that's a different story. Like you, they worked long and hard to build equity in their home. Here are the top five ways they use a HELOC in Las Vegas:
You can cast a wide net with this category, but homeowners who enjoy a large equity cushion often feel confident they will one day recoup the cost of kitchen or bathroom remodeling, adding a room or finishing a basement. Upgrading appliances is another common use of a HELOC in Las Vegas.
All those news stories about the rising cost of education are making a HELOC in Las Vegas increasingly attractive to people who want to return to college but don't know how they're going to pay for tuition, books and other expenses. This group includes not just parents looking to finance their child's education; it includes parents who wish to pursue a degree, too.
Reducing or eliminating high-interest debt.
Perhaps you know the frustration of trying to get ahead financially when you're struggling to reduce or eliminate debt. It would be like trying to win a swimming relay with a brick tied to your ankle; the debt would weigh you down. A HELOC in Las Vegas can unburden you so you can hit your financial stride.
This category, too, can be wide ranging, from more traditional investment options – with a return exceeding the interest rate on the HELOC in Las Vegas – to investing in a new business venture. Prudent homeowners often seek a second opinion before they put their home equity at risk with an investment.
Supplemental retirement income.
Many retirees depend on a HELOC in Las Vegas to augment their financial needs, knowing they must be careful because they eventually have to pay that money back.
Starting a HELOC in Las Vegas
The experienced financial counselors at Clark County Credit Union stand ready to help you decide if taking out a HELOC in Las Vegas is right for you. We realize we could never stand in your shoes, but we'll take all the time you need to discuss your options, assess your risks and opportunities and answer all your questions. In the end, the advice we render will reflect that we know what it's like to not only lace your shoes, but walk in them, too. Call us today at 702-228-2228 to get started today.