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The Ramsey Show

Why You Should Never Use a HELOC for Home Renovations (Hour 1)

The Ramsey Show

Ramsey Network

Investing, Self-improvement, Education, Business

4.538.5K Ratings

🗓️ 13 December 2022

⏱️ 42 minutes

🧾️ Download transcript

Summary

Dave Ramsey & Dr. John Delony discuss: Why you shouldn't take out a HELOC for home renovations, Pulling from a TSP to pay off debt, Whether your loyalty is to your spouse or your parents, Knowing when to sell a rental property. Support Our Sponsor: Zander Insurance Grip6 Churchill Mortgage Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET Want a plan for your money? Find out where to start: https://bit.ly/3nInETX Listen to all The Ramsey Network podcasts: https://bit.ly/3GxiXm6 Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Transcript

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0:00.4

��

0:04.9

Quiz

0:09.4

Live from the headquarters of Ramsay Solutions broadcasting from the pods of moving and storage studios, it's the Ramsay Show.

0:36.4

Where that is dumb, Casher's King and the paid off home mortgage has taken the place of the BMW as the status symbol of choice.

0:45.4

We help people. Build wealth, do work that they love and create actual amazing relationships.

0:54.4

Dr. John Deloney, number one bestselling author, host of the Dr. John Deloney Show and number and Ramsay Personality is my co-host today.

1:02.4

We'll be answering your questions about your life and your money. The phone number is AAA 825-5225. Ryan is starting off this hour in Sioux Falls, South Dakota.

1:12.4

Hey Ryan, welcome to the Ramsay Show.

1:15.4

Thanks David, it's honor to speak with you and John.

1:17.4

You too, what's up?

1:19.4

I am wondering for my wife and I, now is a great time or is the right decisions to take out a home equity loan to finish our favorite.

1:30.4

I'm not sure.

1:32.4

And they can dance for a renovation store house.

1:37.4

What do you know we're not in the home equity loan business around here. We're in the get out of debt business.

1:44.4

So what makes you think that we would tell you to go into debt to do this?

1:50.4

Well, I normally wouldn't, but looking at the website and reading some of the information on your website, it obviously doesn't advise on equity loans.

2:00.4

I'll just say however that if there was a time to do it, it would be to make renovations substantial renovations to your home.

2:09.4

I hope that's not on this website.

2:12.4

If it is, I need to know where it is so I can punch somebody in the content team and have that taken off. No, that shouldn't be on. I think you were reading Motley Fool.

2:22.4

No, I promise. I searched a Ramsay home equity loan. It took me to Ramsay lands and solutions dot com and had a whole write up on home equity loans and it talked about.

2:31.4

You can go ahead and pull that now so that we can get that pulled. I'm sorry. Apparently there's someone inside this building that doesn't understand what we do. We'll have to work on that. That happens sometimes. We hire new people and they have to be trained. I'm sorry. You got bad information. No, we don't tell you to take out a home equity loan ever.

2:46.4

Wow. Never done that one time in 30 years. So, yeah, sorry for the mistake. That's awful that we misled you that way. Now, let's go back and try to figure out your problem though and solve it rather than just slapping around the issue.

...

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