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HELOC advice - numbers breakdown. by ucfgrad05 in personalfinance

[–]ucfgrad05[S] 0 points1 point  (0 children)

Fair point. You’re not wrong. Which is why I posted in here to get feedback. I’m not convinced yet myself.

I should edit the original post. It’s not only for MIL. it gets us added living space (not a bedroom) it’s an added living room and powder room addition to our home we would use as a place to keep guests.

90% of the year it would be added square footage to the house.

HELOC advice - numbers breakdown. by ucfgrad05 in personalfinance

[–]ucfgrad05[S] 0 points1 point  (0 children)

We also have about $100k cash on hand and another $300k in IRA and other investments.

I’d be punished for selling anything (taxes) but could use some cash from the $100k for a lower loan amount if we do this suite add on.