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A HELOC (home equity line of credit) is considered a lien against the home, just like a primary mortgage and a home equity loan. The value of the HELOC lien is the amount currently owed on the line of credit. For example, if you have a HELOC with a loan limit of $30,000 and you currently have a borrowed balance of $20,000, the current lien value would be the balance owed plus any HELOC prepayment […]
A HELOC (home equity line of credit) is a revolving line of credit issued by a lender based on the equity available in the home. Just like a home equity loan, the home equity line of credit uses the borrowers home as collateral. Unlike a home equity loan, the HELOC allows the borrower to use and pay back money as needed up to the credit limit for the term of the line of credit.
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