Why Every Homeowner Needs a HELOC

You have enough to do; you don’t want to worry about life’s unexpected financial needs.

06/26/2015

Why it's important for every home owner to have a Home Equity Line of Credit.Owning a home can be filled with unexpected expenses. We all know those expenses always come at the most inopportune times. There are times when homeowners need money quickly. Your roof starts leaking, your car breaks down, and your furnace breaks on the coldest or snowiest day of the year. 
 
With a home equity line of credit (HELOC), these challenges don’t have to be stressful. By establishing a line of credit now, you’ll have access to instant cash.
 
Many of our clients open a reserve home equity line of credit in anticipation of those unexpected expenses. In fact, they use their home equity line of credit as insurance for an unexpected financial emergency. They say that their financial stress level is lower because they know they have an immediate source of money.
 
Access to this money is as easy as going to your computer anytime, anywhere and transferring money instantly to your North Shore Bank checking account. You don’t have to fear the unexpected because you planned for it. By opening a home equity line of credit today, you can breathe a sigh of relief, knowing you have an immediate source of funds or insurance for unexpected financial needs or wants.
 

A home equity line of credit gives you the power to get money when you need it.

 
In the past, you may have used credit cards to provide these emergency funds. If you carry balances on your credit cards from month to month, then consider consolidating that debt into a home equity line of credit. In most situations you pay less interest. But most importantly, a home equity line of credit can help you improve your monthly cash flow.
 
Instead of sending $100 to one card, $50 another, $75 to another, you can make one low flexible payment to your home equity line of credit. Your payment in excess of your interest due will go to pay down your balance, which will pay your line down quicker while keeping more money in your pocket.
 

You work hard for your money. You deserve alternatives that decrease your expenses.

 
For many of our customers, a home equity line of credit is a deductible item on your tax return. Check with your tax advisor to review your specific situation.
 
A line of credit doesn’t have to be only for unexpected purchases, it can be used to make home improvements to increase the value of your house, finance college for your children, cover vacation expense, purchase a new car, or pay for your daughter’s wedding… consider it a funding source for attaining your dreams. It is a very valuable tool to use when you are planning for your future purchases.
 

You can live the life you want and lessen your financial concerns.

 
Learn more about how a North Shore Bank Home Equity Line of Credit (HELOC) can benefit you. Click on the loan section at the top of North Shore Bank’s website (northshorebank.com) and select Home Equity. We would be delighted to discuss your financial dreams further and answer your questions by telephone, email or at any branch office.

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