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Old 01-09-2018, 01:07 PM
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reclending reclending is offline
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Join Date: Jun 2011
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As with any and all loans, no one answer is best for all people. Lets just say you have value to draw from your home. Now when you add the price of a boat to that amount, you could be paying interest on a much higher amount. Interest is charged on the "unpaid balance".
If you add a boat price to your current home loan, now you are paying interest on two loans against the same thing.
Someone mentioned that there is a rule change regarding these loans. No surprise. According to strict IRS rules, equity loans have never been deductible unless used for the home. I believe there are a few other acceptations like medical or education - special cases. The IRS had that figured out years ago. Most people probably get away with it but a shopping spree was never the intent of that type of loan.
A well placed and managed loan is never the problem. Most money problems are caused by the EXTRA untraceable stuff.
Let us know how we can help.
Thank you,
Ken
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