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HELOC, Mortgage, Second Mortgage, Home Equity Line

There’s an old saying that a rose by any other name smells just as sweet.  The point of the saying is that no matter what you call an item, if it quacks like a duck, swims like a duck, has webbed feet…you get the point.

There’s something scary for a lot of people about getting mortgage.  They understand that it’s a loan against the house that if not repaid will result in foreclosure. 

Knowing that people are afraid of second mortgages, banksre creative and call them other things- home equity lines, HELOC, home equity loan- who cares what they call it.  They want you to borrow against your house.

It does not matter what it’s called.  If you sign a piece of paper that says my home stands good for my loan then you are signing a mortgage. 

Another play on words- it is what it is.  It doesn’t matter what you call it.

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One Response to “HELOC, Mortgage, Second Mortgage, Home Equity Line”

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