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Wealth Without Bay Street 181: Is Your HELOC A Ticking Time Bomb?
Is your home equity line of credit (HELOC) potentially a ticking financial bomb?💣💥
We sure hope not!
Today, we're chatting with Henry Wong about some of the uncertainties in the HELOC market that's been noticeable in the Canadian landscape.
We find ourselves navigating some pretty choppy financial waters and, that brings with it, inevitable hiccups. While change is constant in any economy,
knowing that you can have a higher level of control is possible!
WATCH: Is Your HELOC A Ticking Time Bomb?
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Mentioned In This Episode:
When a HELOC Freezes Over: https://money.cnn.com/2008/04/18/real_estate/heloc_freeze.moneymag/index.htm
In Tough Times, Banks Can Take Your HELOC Safety Net Away:
Home Equity Lines Of Credit: Market Trends and Consumer Issues: https://www.canada.ca/en/financial-consumer-agency/programs/research/home-equity-lines-credit-trends-issues.html
IN THIS EPISODE, YOU WILL LEARN:
[00:00] Introduction: Is your home equity line of credit a ticking time bomb?
[01:46] Henry’s shocking message announcement
[09:35] New HELOC Rule to be implemented in October of 2023
[15:35] Using family banking system to recapture original debt
[19:23] Make an early renewal decision in a changing rate environment
[31:06] HELOC freezing in 2008 and now
[38:57] The abysmal debt-to-income ratio in Canada
[49:13] You don’t have to rely on traditional creditors anymore
QUOTES:
- It's not about who the bank or the lender is, BUT the little level of control the consumer has.
- You cannot quantify the value of control.
- Use the private family banking system to recapture debt.
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