Yes, Take A HELOC For That

The Ramsey Show Highlights

Ramsey Network

Investing, Self-improvement, Education, Business

4.5 • 840 Ratings

🗓️ 29 August 2024

⏱️ 5 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	Brought to you by the Every Dollar app. Start budgeting for free today. So I just finalized
0:07.5	a divorce and I owe her $150,000, which is her half of the equity of the house. And I have
0:15.3	70,000 saved up. And it looks like a HELOC might be the only way I can go because I owe her the rest of the money
0:24.4	by the end of August basically. So I know I'm a little bit behind, but we had kind of made plans to make payments up until the end of a divorce.
0:32.7	So she changed it over and said that she wanted to buy a house. So yeah, I was just wondering if there's any other options other than heat lock.
0:40.3	Okay.
0:40.7	What's the balance on the first mortgage?
0:44.5	110.
0:45.6	What's the value of the home?
0:49.3	About 430, 440.
0:51.7	What's the interest rate on the first?
0:55.0	2.25.
0:57.1	Okay.
0:59.5	So you would borrow 80 on a helot, and you make what?
1:05.2	130.
1:06.2	Okay.
1:07.2	All right, so I don't tell people to borrow money, but you're already in debt.
1:10.5	You're in debt to your ex-wife, and we're going to change that to another kind of debt called a helock.
1:18.2	And so you're not borrowing money, you're changing the money.
1:21.4	You're changing the type of debt.
1:22.5	You follow me?
1:24.2	Yep.
	...

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