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Episode 3233:

Miranda Marquit unpacks the key differences between a HELOC and a second mortgage, helping homeowners make smarter choices when tapping into their home equity. Whether you're funding renovations or consolidating debt, you'll gain clarity on which option offers the flexibility, stability, or risk profile that aligns with your financial goals.

Read along with the original article(s) here: https://www.goodfinancialcents.com/should-you-do-a-heloc-or-a-second-mortgage/

Quotes to ponder:

"A home equity line of credit is a revolving line of credit that allows you to tap into the equity you’ve built in your property."

"If you know exactly how much money you will need, for something like debt consolidation or to contribute to a child’s college education, a lump sum can be helpful."

"You are using your ownership in your home as collateral, and you could lose your house if you fall behind in your payments."

Episode references:

IRS - Home Mortgage Interest Deduction: https://www.irs.gov/publications/p936

Figure: https://www.figure.com/

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