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# Should I Get a Home Equity Line of Credit?

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## Video: Should I Get a Home Equity Line of Credit?

[Watch (HLS stream): Should I Get a Home Equity Line of Credit?](https://cdn.jwplayer.com/manifests/OG4yzL70.m3u8) (1:27)

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_Published 2016-01-20. Financial advisers explain what a home equity line of credit is and when and why you might need one._


---

Jul 27, 2023 6:52 PM UTC

---

## More From This Series

[All Videos](https://time.com/video/)

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### 5 Good Reasons to Tap Into Your Home Equity

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### Home Equity Line of Credit vs. Home Equity Loan MONEY

[Philippine Equities Plunge](/video/2fQLRaYb/)

### Philippine Equities Plunge

---


## Transcript

One of the things I will often recommend to clients, is to take out what's called a home equity line of credit It's the ability to borrow against the house. When people apply for a home equity line of credit often the lender looks at the appraised property value. They'll also look at the primary level of the mortgage and they'll make a determination as to how much they're willing to additionally extend to you In cash if needed for any kind of purpose. Banks are funny. They're more than happy to lend you money when you don't need it, they're not so happy to lend you money when you do need it. So if you find yourself without a job, you've lots your job, you have a major medical expense, anything along that line, all of a sudden you need money.

You may find that you're not able to borrow the money. But if you've locked it in when you didn't need the money, by having this home equity line of credit, you then have the money available because the bank already made the commitment. Now the key thing here is, if the money's gonna burn a hole in your pocket, if the ability to borrow that money is gonna be so tempting to you that you can't resist and go out and spend it, Then this is going to be a problem. But if you can avoid that and just hold on to it and keep it as a reserve it can be extremely valuable to an employee.

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