home on the loan line
If you’re having money problems, consider these
options before you put your home on the loan line.
Talk with your creditors or with representatives of
non-profi t or other reputable credit or budget counseling
organizations to work out a plan that reduces
your bill payments to a more manageable level.
Contact your local social service agency, community
or religious groups, and local or state housing
agencies. They may have programs that help
consumers, including the elderly and those with
disabilities, with energy bills, home repairs, or other
emergency needs.
Remember, if
you decide to get a home equity loan and can’t
make the payments, the lender could foreclose and
you would lose your home.
If you decide a loan is right for you, talk with several
lenders, including at least one bank, savings and
loan, or credit union in your community. Their loans
may cost less than loans from fi nance companies.
And don’t assume that if you’re on a fi xed income
or have credit problems, you won’t qualify for a loan
from a bank, savings and loan, or credit union—they
may have the loan you want!
