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If I have $60,000 of equity in my house should I make it work for me rather than letting it just sit there? |
If I were to take out a HELOC what should I do with the money? Safe investment, CD, etc. Is the money still tax deductible even though I am using it as an investment? If it is how much of a deduction would I receive, for example if the loan is at 6% interest, would that equate to only 4% since I am able to deduct the interest on my taxes? No matter what you use the money for, even if you throw one heck of a party with it all, you can claim the intrest you pay on your taxes. I personaly would use it to pay of any other debt, or car loan. I would not invest it because I think you would end up paying more in intrest then you would receive - even after the tax break. What if you used your home equity to purchase real estate? You could buy a property to fix up and resell, or maybe get one to keep and rent out. Real estate is hot, hot. Then, once you make your money, you should replenish the equity loan and then start again. Let it sit. If you invest with money borrowed on your house, you've risked that portion of your house on whatever investment you pick. Instead of going into debt, use the cash you'd be paying on the HELOC monthly and invest in good mutual funds. |
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