My financial advisor wants me to get a $100,000 home equity loan and he will invest it. Good idea?
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My financial advisor wants me to get a $100,000 home equity loan and he will invest it. Good idea?What you describe is forbidden under Regulation T of the Federal Reserve. He could lose his license for recommending such a thing.
Fire him and fire another. This week!
My financial advisor wants me to get a $100,000 home equity loan and he will invest it. Good idea?Does that mean the house is worth 850k? or it's worth 500k if you sold it and would only clear $150k max before sales commission/closing costs. If the second scenario is correct, it sounds like you would drop below the 80% equity ratio and would have to get Mortgage insurance
He'll probably take a good chunk of that 100k for his commission. There's no guarantees he'll make money - he could lose it all with the wrong investment choices. You'd be better off doing nothing or investing that loan in more real estate.
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