Retiree With $2.8 Million In Paid-Off Homes Weighs HELOC To Eliminate $19,000 In Credit Card Debt
A 67-year-old homeowner is sitting on $2.8 million in real estate equity across two mortgage-free properties while carrying $19,000 in credit card debt. The situation raises a common question among asset-rich retirees who find themselves facing high-interest consumer debt with limited liquid income. A home equity line of credit, or HELOC, allows homeowners to borrow…