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What is a Home Equity line of credit?
Is an Equity Line good for my family?

Most lenders today offer a home equity line of credit that is a form of revolving credit in which your home serves as collateral. Because the home is likely to be a consumer's largest asset, many homeowners use their credit lines as cash for major purchases. These purchases can range from home improvement projects, school for their kids, or debt consolidation and more.

Keep in mind most home equity line of credit carry an adjustable rate. So be very careful and read the terms before you get to comfortable because over the years, what started out affordable, could be a disaster when interest rate start to rise. Also be mindful of your neighborhood. If you plan to keep this home until retirement, ask yourself this question. Will my property value increase high enough to recover the equity I pulled out of my home for my retirement years. Some real estate markets are flat which means, the value never increases and in some cases they decrease.

Different types of Home Equity Lines of credit:

1).Closed in Home Equity Line of credit. The borrower receives a lump sum at the time of the closing and cannot borrow further. The maximum amount of money that can be borrowed is determined by variables including credit history, income, and the appraised value of the property.

2).Open end Home Equity loan. This is a revolving credit loan, also referred to as a home equity line of credit (HELOC), where the borrower can choose when and how often to borrow against the equity in the property, with the lender setting an initial limit to the credit line based on criteria similar to those used for closed-end loans.

Here is a links that has great information on Home Equity Lines of credit.

www.fdic.gov/consumers/consumer/predatorylending/index.html

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