I know this is something I should know, but..........

Is a home equity loan a lien on your home? If you default on it, would you lose your house?

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The mighty oak started out as a nut that held its ground.

Yes!

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~Happiness is a large family~

Cr@p! Not that we wouldn't pay our bills ever.... But we were thinking of putting an addition on our house in the spring. The interest rates are going down, but the economy is also headed for a terrible time (so I hear). I'm getting filled with "what ifs."

We only have 12 years left to pay on our home. The home equity loan would be for the same amount of time. I don't know whether to just leave things as they are, do the work we would like to have done while the interest rates are low, save up some money for later and probably still have to get some kind of loan that will be higher interest. We are 40 & 46 right now. Right now all of our bills will be paid off at retirement age. This is why we are thinking of fixing up what we have vs. buying a larger home and having to have a longer mortgage.

I just don't know what to do....

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The mighty oak started out as a nut that held its ground.