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FlyNavy · July 2nd, 2005, 15:22

[ QUOTE ]
refinance your home

[/ QUOTE ]

He's right, if you have any equity (or even if you have very little considering the appreciating housing market these days) there are many creative ways you could re-fi and use the cash for flight training. For example, if you have 50K of equity you could refinance, take the cash for flight training, and consider an interest only mortgage to keep the payments low, or perhaps a 3 - 5 year adjustable rate to keep your monthly payments down while your income is low. Then, your "loan payments" are going toward an appreciating asset that you get to live in and the interest is tax deductible! If you have owned the house for 2 years or more, this might be something to think about.

July 2nd, 2005, 15:22	#17
FlyNavy Junior Member Join Date: Feb 2005 Location: Charlottesville, VA Posts: 255	Re: Anywhere else to get money? [ QUOTE ] refinance your home [/ QUOTE ] He's right, if you have any equity (or even if you have very little considering the appreciating housing market these days) there are many creative ways you could re-fi and use the cash for flight training. For example, if you have 50K of equity you could refinance, take the cash for flight training, and consider an interest only mortgage to keep the payments low, or perhaps a 3 - 5 year adjustable rate to keep your monthly payments down while your income is low. Then, your "loan payments" are going toward an appreciating asset that you get to live in and the interest is tax deductible! If you have owned the house for 2 years or more, this might be something to think about.