12-01-2003, 07:45 PM
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Senior Club Cobra Member
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Join Date: Jul 2002
Cobra Make, Engine:
Posts: 15,712
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Not Ranked
Hmmm,,,,,, it can be tricky getting the tax beneift from a home equity line of credit as opposed to a classic mortgage (1st or 2nd). Maybe it depends on how it is set up?
As my house was paid for all ready I took a minimal line of credit that did not require the classic appraisal, no closing costs etc. Real simple, BUT, I get no tax advantage unless I go to a classic first mortgage thing.
Hope "Lew the Tax man" recovers from his crash soon, we need him! 
Ernie |
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