Line of Credit

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A secured line of credit against your home can come in handy for many reasons. If your home is free and clear without a mortgage on it. Especially if you are thinking about retiring you can register a line of credit against it for 65% of the value. Once a person has retired and income is reduced it becomes much harder to borrow. In that line of credit is there then you could purchase a care by replace appliances or other large ticket items. You may want a line of credit if your doing renovations and your current mortgage is not up for renewal and you don’t want to break the current mortgage and pay a penalty.