patrick.net

revmos are an interesting semi-scam.

I'm looking at one for my mom since I want her to be able to pay her own home repairs w/o having to come to me all the time.

Problem is it costs ~$5000 to get a $100,000 LOC opened. The index is 1 month LIBOR (0.19%) and the margin is 3.5%, so the cost of money is kinda cheap, but since it's compounding interest, not paying it down can certainly suck all the equity out.

Any suggestions here for good revmo funders? WF and BA just exited the market, but they probably sucked anyway.

I also what LIBOR is going to be doing. The cap is 11%, kinda high, but since the UK has a higher debt/GDP ratio than us I think they aren't going to be raising LIBOR anytime soon. . .