Posted by Brent_IL on September 17, 2003 at 17:16:21:
By definition a HELOC is a lien against home equity. A straight LOC, usually approved for less than a HELOC, is unsecured. I think what others may have been speaking about was using a HELOC to fund the purchase of a second property. It wouldn’t show as a lien on the property purchased, but the loan on the home would be the one intended to be paid within a year.