Is a HELOC a readvanceable mortgage?
A readvanceable mortgage is a feature of some mortgage lines of credit, including home equity lines of credit (HELOC). With a readvanceable mortgage, the borrower's line of credit is increased as the borrower makes payments to the mortgage and reduces the principal of the original mortgage.
A readvanceable mortgage is a feature of some mortgage lines of credit, including home equity lines of credit (HELOC). With a readvanceable mortgage, the borrower's line of credit is increased as the borrower makes payments to the mortgage and reduces the principal of the original mortgage.
