My grandfather is getting a equity line of credit for ,000. Is the 30 year fixed good? Also, should he look into getting an increase and start flipping properties? He owns his house and is done paying payments. He is going to make minor repairs on his house.
Does he realize that the line of credit has to be paid back and his house can be foreclosed upon if he were somehow unable to make payments?
Any fixed rate apr is better than an adjustable. Right now with the way the economy is, flipping properties might not be as equitable as it was.