Home Equity Lines of Credit funding uses your home as collateral. Therefore, your home must be worth more than your owe, have equity, to be able be eligible. Once the maximum credit amount has been established, you can then draw off the account when you need the funds. It's similar to a checking account that allows you to use the equity in your home to purchase a franchise business.
The rates are usually lower than traditional lending and the amount of the credit line can increase along with your home's value.
It has to be noted that with the sharp declines in most real estate markets, this type of funding is very difficult to secure.
As "Your Partner," we will work with you to determine if a Home Equity Line of Credit is right for your situation.