Over the next 12 months, 800,000 HELOC borrowers will hit their end-of-draw. In other words, over the next year, 800,000 homeowners will either have to spend their HELOC or lose access to it altogether. And with the new rules regarding tax deductibility, there is an incentive for those people to spend that money on home improvement or repairs.
Market conditions could be changing, but don't panic. Richardson shares ways to stay on top of market conditions and how to prepare for any potential softening down the road.
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