Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

How is the home equity loan/line secured?

April 26, 2017home equity line loan secured

0

Posted

How is the home equity loan/line secured?

1 Answer

0

Posted

The loan/line is secured by a first or second mortgage on your home equal to the amount approved. The home must be a residence owned by you and located in the states of Illinois or Idaho. We are unable to grant a mortgage/lien on vacant property or mobile homes. If you sell your home, the entire balance of your loan must be repaid in order to clear our lien from the title to your home.