Hi.
My wife and I are considering taking out a $50k line-of-credit on our house to pay back student loans in the USA (while the exchange rate is good) and pay off a credit card (we're thinking of both of these as debt consolidation), and to renovate parts of our house (which will add significant value).
We can easily afford to pay it back and my job is permanent and as secure as any in this country.
This is our first home loan ($295k owed, home valued at $375k). We're not really sure if there are any hidden or important consequences of taking out a second mortgage that we've overlooked, either for our house or any other aspect of our finances (tax, insurance, who knows?).
Any thoughts from the more experienced?