"The short answer to your question is yes. Home equity loans are designed to give the home owner the ability to access some capital by taking a loan against the equity in your home. These types of...
Every lender has different requirements, but the standard is 80% of your total home value. A $100k home may have up to $80k in loans against it. Some lenders will go to 90% or in some rare cases...
Yes, and it must be paid off before house can be sold. It creates a lien, just like a first mortgage. A mortgage is a specific, fixed amount procured to buy a property or make improvements. The...