equity credit line

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Noun1.equity credit line - a loan secured by equity value in the borrower's home
consumer credit - a line of credit extended for personal or household use
loan - the temporary provision of money (usually at interest)
References in periodicals archive ?
Ditto for a term extension on their home equity credit line from Bank of America, which also solicited their application.
The fresh funds have been retrieved through a reverse merger listing on the Frankfurt Stock exchange on Monday under the name of Kampac International plc, generating 1 billion euros, and a 200-million-euro equity credit line facility with US-based fund company GEM Global, Kampac's Chairman and CEO Charles Ampofo said.
Human BioSystems (HBS), Palo Alto, CA, announced it has signed a $5 million equity credit line agreement with Dutchess Private Equities Fund, LP, of Boston, MA.
But a home equity credit line can be a boon if used judiciously.
Another option would be to use a home equity credit line to payoff other debts.
Financial Snapshot: Mary & Carlton Warner HOUSEHOLD INCOME Carlton (full-time) $40,000 Mary (part-time) 12,500 Total $52,500 ASSETS Market Value of Home $74,000 403(b) 40,000 Thrift Savings 12,000 Mutual Fund 10,000 Roth IRA 7,900 401(k) 4,000 Credit Union 2,000 Savings 1,500 Checking 400 Total $151,800 LIABILITIES Home Equity Credit Line $50,000 Car Loan 13,000 Credit cards 4,300 Child's Tuition 5,000 Marlow Stores 1,400 Victoria Secret 400 Total $74,100 Net Worth $77,700
Any excess mortgage proceeds are not deductible except for an additional equity credit line of $100,000.
Section 311 of the draft bill would allow a member bank to extend credit to the bank's executive officers (1) in the form of a home equity credit line of up to $100,000, so long as the credit line is secured by the officer's primary residence, and (2) in an unlimited amount, so long as the loan is overcollateralized by readily marketable assets.
But counseling, mandated by the new law, would probably have spared her some financial pain - like the $18,000 in points she paid to Household to obtain $60,000, or the $10,000 equity credit line that had an annual interest rate of 24.
If you get a home equity credit line, you could even get a deduction for the interest.
If you're applying for a second mortgage or second-lien home equity credit line, the bank will not have to provide you appraisal materials, although you are still free to ask.