The perfect MP3 player

Dennis devel at
Mon Sep 19 13:36:18 MDT 2005

Tim Morris wrote:

>On 9/19/05, Dennis <devel at> wrote:
>>Get a home equity line of credit (with a fixed interest rate) for 100%
>>of the value of your current mortgage.  Then use the equity line to pay
>>off your mortgage.  You now only have an equity credit line payment and
>>no mortgage.
>Doesn't this eliminate the posibility of using mortgage interest as a
>tax deduction?  Did you factor that into your plans?
>I'm just trying to understand how this would work.  I've never heard
>of such a strategy.
No, equity lines are the same as deductible as mortgage interest.  You
even get a statement at the end of the year from the bank with the
Appropriate information to put on the tax forms.

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