Celebrating Financial Literacy Month

Mutual Matters


Chelsea Groton Bank APRIL 2017

How A Home Equity Line of Credit Can Help

How A Home Equity Line of Credit Can HelpPrioritizing a seemingly endless stream of expenses that need to be paid for can become overwhelming at times. When debating how to cover costs associated with home improvements, college tuition, taking care of your parents, or having some income in retirement, one option may be to consider tapping into your home's equity.

A home equity line of credit is a revolving credit that uses your home's equity as collateral against the balance you borrow. Borrowers can use the money for any expense they wish. Some will use the funds to finally renovate the kitchen, while others will need it to help pay for a college education or unexpected medical costs. As the balance (plus interest) is paid down, the amount that is available to borrow reinstates, or again becomes available to you if you need it at a later date.

If you think this could be the answer, or are interested in learning more about this or other loan solutions, contact one of our local lending professionals at 860-448-4174, or apply online at chelseagroton.com.

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