Equity Home Loans

Should I take a home equity loan to pay off the 17,000 in medical bills I have?

I got these medical bills from a recent surgery and its causing a huge financial strain on me. I make enough to live comfortably, but not enough to live comfortably and pay this incredible amount of money every month. I am just wondering, since interest rates are so low right now, is it the right time to take out a home equity loan?

Public Comments

1. Why would you transfer an unsecured debt into something that could result in the loss of your home if you default? A payment is a payment. Make the payment to the hospital, not to your mortgage lendor.
2. Very likely. Talk to your banker, and compare the rates he quotes against whatever rates the hospital wants in finance charges.
3. I am completely against HomeEquity Loans because if you can't pay that bill they have every right to foreclose on your home. I don't ever want to use up the equity I have invested in my home... That's the only major purchase where I actually make money from it. So my vote is don't do that...especially when it won't increase the value of your home...such as a remodel, etc.
4. How big are the bills? If you just need a small amount of money, I suggest that you apply for a home equity credit line instead of a loan so that you will have to pay interest for only the amount that you actually spend. Source: http://hubpages.com/hub/Home-Improvement-grants-and-loans