Leaving: Miscellaneous: Lines of Credit
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HPAlumnipedia > Leaving > Miscellaneous > Lines of Credit
Bob Adams, Certified Financial Planner, Sep 2005:
As a financial planner... I always recommend that before leaving employment... obtain a home equity line of credit. This can usually be obtained for almost nothing from your current lender.
I understand the HP Credit Union will also extend you a $100,000 line of credit. I prefer to have them establish greater than a $100,000 line, but it is better than nothing. This serves as a a deep emergency fund.
As a home equity loan it is tax deductible in most cases and is in my mind much preferable to other alternatives should you need to use it.
Alan Silverstein, Sep 2005:
However, when I went to do this myself a few years ago, I found there was a $50/year fee buried in the fine print, even if I didn't use the HELOC. So, beware.
