Retiree Denied HELOC Despite Home Ownership and Good Credit History
A 70-year-old retiree who owns her $390,000 home outright was denied a home equity line of credit (HELOC) to cover medical bills not covered by Medicare. Her only income is a monthly Social Security check of $1,950, which the lender deemed insufficient for supporting the loan despite her strong payment history and substantial home equity.
Topics: HELOC medical debt retirees Social Security