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Step 1
Set aside time in your days. Make a literal appointment with your spouse for time when both of you won't be otherwise occupied. Give children something to do so they don't interrupt and resolve not to answer the phone or deal with other interruptions.
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Step 2
Understand the talk may take some time. Your spouse may need some time to do their own research or think about their options. One discussion may not be enough.
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Step 3
Do some homework beforehand. Speak to your bank or a loan officer to find out if you even have any equity in your home that can be tapped. Find out about the rates you can get.
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Step 4
Be clear about what the home equity loan will be used for and promise to stick to it. Unless agreed upon by both of you, home equity loans shouldn't be used for shopping sprees or day to day expenses.
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Step 5
Try not to let emotions come into play. Spouses tend to fight about money, and you may want a home equity loan to deal with other debts you've incurred through poor money management. Do not be accusatory during the discussion or allow your spouse to become accusatory. If you or your spouse becomes emotional, take a break and discuss it at a later date.
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Step 6
Consider hiring a financial counselor to sit down with the two of you to discuss the pros and cons of a home equity loan. This is especially helpful if you can't talk about this issue without being emotional.
