So my FIL and wife are co-owners on the home. There’s no financing on the home.
The home itself is in decent shape and we’re not looking to make many updates.
However, we have two large decks on the property that badly need a rebuild.
I don’t know much about HELOCs and was hoping someone could help me out here. Can my wife and I take out like a $50,000 HELOC, pay to have the decks rebuilt and then just pay $100-$150 a month?
That sounds like a bad idea. First of all, have you actually run the numbers? A $50k mortgage at 9% for 30 years is $501 a month, not $100.
Second, borrowing money at 9% does not sound like a good idea for a non-emergency. I would just save up the money and do the repairs when you have enough money to pay cash.
HELOC is just a credit card but because your house is the collateral, the interest rate isn’t break-your-knees high. The rates and how much of a line of credit you qualify for depend on the value of the house and how much you owe on the mortgage, which in your case is $0.
Most HELOC are simple interest. You can use any calculator to figure the monthly payment.
How big are the decks? And do they really need rebuild or resurface?
Unless it is 25+ yrs old I would bet just needs resurface with some reinforcement here and there
50k is a lot. I had quote from big company to completely tear out and rebuild 20×12 deck with screen in for only 30k