Posted by James (FL) on August 13, 2003 at 15:34:04:
LOS,
hello, nice to talk to you. A HELOC is basically used like a credit card, other than the fact that you do nto have a card to charge. In some cases you will be required to take out at least 50% of the amount of the HELOC right away, and you will be issued checks to write against the remaining balance of your HELOC. For further info, please email me directly and I will be more than happy to speak with you further in depth.
James Prince
Home Equity Line of Credit - Posted by Los
Posted by Los on August 13, 2003 at 15:06:44:
Hi all,
I am a newbie and have a couple of questions regarding Home Equity Line of Credit? My father owes on his house 170K and his house is worth 320K? He was wondering how he could take some money out and use it to start doing rehabs.( My dad does not speak or write English)We would like use a hard money lenders to do rehabs but would like to have some other money set aside for miscellaneous expenses because right now we do not have any money. How does this line of credit exactly works is it like a credit card and you can use it whenever you want? Any help would be appreciated