Home Equity Secured Lines of Credit.
A Home Equity Line of Credit is a secured loan against your home just like a mortgage but with the features of a line of credit. It is completely open (paid down at any time without penalty) and is also revolving (can be paid down and then used again. The loan is always available until closed out. A Secured Line of Credit can be added alongside a mortgage as s separate product. For example if a client has equity in their home a lender will allow the client to borrow up to 80% of that equity when adding on a secured line of Credit.
This can be applied on the purchase or refinance of a home.