Can a person apply for an equity line of credit to pay off a
401k loan if one loses his(her) job. The 401k loan is already reality with 3 years left on the balance. Losing the job could be in two months, two years, in between, or never. I know the key would be to take out the line before one loses the job. Right? Are their any fees (upfront or annual) involved if one ends up not using the line? Is a Heloc tax deductable? Can a Home Equity loan work for this purpose also? I thought you had to prove to the bank that a home equity loan was for home improvement to get the deduction. Am I wrong? Thanks ~Marty~
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