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Your house is destroyed - so is your home equity line of credit

Fri May 18, 2007 04:05PM | By Tony

See more in Personal Finance | Permalink | Email | Comments (0)

Interesting how many rely on the home equity line of credit as the last resort. Large number of homeowners keeps such lines of credit as an emergency lines, in case of loss of employment, for example. But what happens if your house is destroyed. Fire, flood or tornado and alas, your house is gone, and so is the line of credit. Bank will freeze it because it loses its collateral - your house. You will not be able to tap into your emergency fund. Be sure you will have to continue paying back if you already borrowed money. In this case, homeowners insurance will not sustain you. Of course the chance is small, but it is nice to be ready for those rainy days ... which may never come.

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