2006-09-19 13:26:29 · 2 answers · asked by Mark 1 in Business & Finance ➔ Renting & Real Estate
This sounds like a particular banks branded name for their home equity line of credit. Where did you see/hear this?
2006-09-19 13:34:21 · answer #1 · answered by comic1965 2 · 0⤊ 0⤋
The loan agency (bank etc) extends you additional credit based on the value of your home less the amount that you owe on it. You can then draw on the line of credit (borrow money). The amount you borrow is added to your mortgage or home equity loan. It is a great way to end up paying for a night out for pizza over the 30 year life of your loan. That $30 pizza dinner then turns in to $500 paid to the bank including interest. Unless you have a specific need and are unable to get the money elsewhere, home equity loans are a trap for the average person.
2006-09-19 20:30:40 · answer #2 · answered by united9198 7 · 0⤊ 0⤋