What is Home Equity
Credit Line Loan? The difference between the fair market
value and current indebtedness, also referred to as the owner's
interest. The value an owner has in real estate over and above
the obligation against the property.
A combination of a
line of credit and equity loan secured by real property. A
maximum loan amount is established based on credit and equity. A
mortgage is recorded against the potential borrower’s property
for said maximum loan amount. The potential borrower has the
right to borrow, as needed, up to the amount of the credit line.