Quote:
Originally Posted by albertGQ
How much equity do you have in your home? I've never been a big fan of HELOCs & much prefer just lumping it in the mortgage, but that's just me.
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The outstanding mortgage amount is 209k, and the house is assessed at 265 (100k less than the price I purchased the home for), however, the city doesn't know about the suite (which is exceptionally nice), and other improvements I've made.
The issue that I have in my situation, is that my brother and I share the mortgage payments (he live in the basement with his wife), but the HELOC would solely be for myself. Plus, putting it into the mortgage means that the debt is still there until 20 years from now, when the mortgage is up.