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...
Nowadays, it is much easier to get home equity loans, despite the fact that you have a poor credit rating. The downside to this, however, is the interest rates are incredibly high.
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...