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Should I move my mortgage to a line of credit?

Q: My bank has advised me to lessen my monthly payments by rolling my car loans and my mortgage together into a home equity line of credit. Is this a good idea? It’s an open variable line of credit and the interest rate is low. Will the interest be tax deductible?

A: 1. You have a mortgage (which is not reported as a debt to your credit bureau.)

2. If you roll it into a credit line … the whole amount … credit line and mortgage will be reported to the credit bureau as a debt.

3. Your interest on your residence is not deductible. If you used your credit line for personal purchases, it is not deductible.

About Ozzie Jurock

OZZIE JUROCK (FRI) is the author of Forget About Location, Location, Location. Ozzie Jurock is also president of Jurock Publishing Ltd.

Peter C. Newman in his book Titans called him a Real Estate Guru. Vancouver Magazine called him one of the 45 brightest people in Vancouver. Ozzie Jurock appears every 2nd Wednesday on Global TV News Hour. He also authored the book: Forget About Location, Location, Location and has written hundreds of published real estate articles in the Vancouver Sun, Business in Vancouver, the Globe and Mail, the Western Investor and dozens of magazines. (List of published articles.) Several thousand people have subscribed to his monthly and weekly newsletters Jurock Real Estate Insider and Jurock’s Facts by Email.

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