HELOC: A Flexible Option or Financial Pitfall for Mortgage Payoff?
Jared explains that while a HELOC can be used to pay off a mortgage, its suitability depends on individual circumstances. Pros include flexible access to home equity for needs like renovations. However, higher interest rates and variable payments pose risks. Alternatives include using a HELOC alongside an existing mortgage for projects or debt consolidation, offering lower rates than credit cards without high closing costs.