I promised myself that this would be a "warts and all" blog as I wend my financial way toward retirement. So stand back for the warts portion of the program!
Yesterday, I borrowed $1800 from my HELOCC to help meet this month's expenses. It may or may not cover all the extra expenses. I can justify $358 of it because it is for property taxes on my rental. The HELOCC, while on my residence rather than my rental, was originally set up to meet deferred maintenance costs on the rental. At 6.75% interest, the HELOCC is my cheapest way to get a loan.
I understand the danger of paying bills with a second mortgage where my home is at risk, but my combined mortgages are around $80,000 on a house that is worth over $400,000. (I'm always amazed at that figure for my beloved circa 1929 home that I purchased for $95,300 in 1993--I like my house a lot but I can't say that I'd personally ever pay nearly half a million dollars for it!)
I have decided to ask my sister for assistance with my grandson's summer camp ($595). He's 15 and having some problems at home. I think 4 weeks away will be good for both he and his family. He's a good kid, and his issues are normal teen problems, but because he knows he's smarter than his fetal-alcohol damaged mother, it makes for a rocky adolescence. The same issues came up with his older sister, whom I now support in college, so I know both my daughter and my grandson will get through this intact. Still--some time apart is a good idea. At any rate, my sister, who is rich and childless, will often come through for my grandkids.
So that's the plan--go deeper into debt and hope to dig myself out by summer's end.