Your HELOC may already have a conversion option; some even give you more than one chance to convert during the life of the loan.
Keep in mind this may not be a great deal. The fixed-rate repayment period after the conversion may be longer, stretching out interest payments over a longer period of time. Also, at times, a variable interest rate is preferred to a fixed rate. And a convertible HELOC may charge higher fees. Continue reading “Put another way: It’s the amount of your home’s value you don’t owe to a lender”