Woohooooooooo! Just sent the final payment ($826) for our HELOC balance pay off!! Our goal was to pay it off in 5 years, and we thought that was fairly aggressive, and we did it in 75% of that time! So happy to have it gone.
We took money out of the HELOC to refi our mortgage when we couldn't get a lower rate through a traditional bank because it is no longer owner occupied since we moved overseas. My parents lent us most of the pay off amount (with monthly payments and interest), and the HELOC covered the rest. So this wasn't crazy consumer sucka debt, but I'm thrilled to be done with it. The rate was very low but adjustable, so we felt there was some risk and we wanted it *gone*.
Now I have to automate some investments to put into the market the monthly dollars freed up by this. Trying to decide if we want Trad IRA or Roth. Great problems to have!