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Ineligible First Liens

Emily B.
Updated
  • The Heloc can be in a first or second lien position
  • For second lien Helocs, the following features are not permitted on an existing first position loan:
    • Pre-payment penalties (with the exception of investment properties),
    • Negative amortization,
    • Balloon payments,
    • Reverse Mortgages
    • Note: 1st lien HELOCs require the draw period to be closed and in fully amortizing repayment period.

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