Home Equity Loan Equals Affordable Education

After 18 years, Kate Hoy of Phoenix was sick of her career as sales representative for company that sold electrical and mechanical components. She was ready for change. But the single mother didn't have a spouse's second income to help her through a transition period. So to help explore the options, Hoy, 48, took out a home equity line of credit (HELOC) for $50,000 while she still had a steady income. Unlike a traditional home