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HELOC

Home Equity Lines of Credit vs. Second Mortgages

If you want to unlock the value from your home while you’re still living in it, there are two main options available to you. A home equity loan, commonly known as a second mortgage, allows you to extract value from your home as a lump sum payment, which is added to your primary mortgage debt. A home equity line of credit (HELOC) can be a useful alternative, with this option allowing you to draw money from your property as you need it rather than as a lump sum.

Picture of Ted Spradlin Ted Spradlin Dec 5, 2018 12:59:03 AM

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