CREDIT LINE

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CREDIT LINE

Post  Linn F on Fri Feb 08, 2008 12:19 pm

I'm thinking about getting a credit line. Therefore I will only have to take out what I need of the loan.

Linn F

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Re: CREDIT LINE

Post  Lizzy B on Fri Feb 08, 2008 12:41 pm

Sounds like a good idea, wonder if you draw interest on the money left in the bank that you do not draw out.

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Re: CREDIT LINE

Post  Nini Stone on Fri Feb 08, 2008 1:01 pm

I also wonder if it you can pay money back into the credit line if you don't need the money and then draw more out like a regular credit line in a bank.

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Re: CREDIT LINE

Post  Cherry Pearl on Fri Feb 08, 2008 1:16 pm

I would think all credit lines would be alike. the good thing would be that if you did not need the money you wouldn't draw it out.

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Re: CREDIT LINE

Post  Paul Jamison on Fri Feb 08, 2008 2:10 pm

If you choose the line of credit, the amount in your credit line is not debt and therefore will not incur interest, in fact, it will grow at percent (0.5%) more than the interest you are charged (on the amount you owe). The growth on your credit-line-fund is an increase in what you were initially eligible to borrow. It is not interest earned and therefore would not be reported as income. You may access these funds, as often as you wish, until they are exhausted. This credit-line-fund option is typically chosen, if you do not wish to borrow all that you are eligible for, at closing;

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Re: CREDIT LINE

Post  Marc Johnson on Fri Feb 08, 2008 2:33 pm

If you choose the line of credit, the amount in your credit line is not debt and therefore will not incur interest, in fact, it will grow at percent (0.5%) more than the interest you are charged (on the amount you owe). The growth on your credit-line-fund is an increase in what you were initially eligible to borrow. It is not interest earned and therefore would not be reported as income. You may access these funds, as often as you wish, until they are exhausted. This credit-line-fund option is typically chosen, if you do not wish to borrow all that you are eligible for, at closing;

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Re: CREDIT LINE

Post  Ralph J on Fri Feb 08, 2008 3:18 pm

Thanks we got the same information from both of you, must have looked at the same information. Anyway glad to know how much interest. I'm sure going to check into the reverse loan for my wife and myself.

Ralph J

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Re: CREDIT LINE

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