Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

The Trouble With HELOCs Getting Recalled 😕

28 Aug 2023 · 1 min

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0:51

Short excerpt from a YouTube transcript warning about risks of HELOCs (home equity lines of credit) being recalled: lenders can change interest rates and lower credit limits, exposing borrowers. The speaker emphasizes the unquantifiable value of financial control and cautions that reliance on external credit systems increases vulnerability to sudden reversals.

Chapters

I don't want to ever be in that situation where suddenly they can change the interest rate on me just as they already have done. They can lower their credit limit. Whereas your own banking system, the amount of money you access continues to grow. My HELOC could get recalled. Whereas here your ability to access money cannot be recalled and payment terms can change. Well, they, they are already doing those for a lot of people already. So these are all of the circumstances. You can't put a value on control. You can look at illustration. You can calculate any numbers that you want to pull from the sky to compare one product to another product. What you cannot quantify is the value of control. And this is the part that I really wanted to make sure. The lesson is that the more reliant you are on that credit system, the more exposed you are for them to pull the rug under you.