A 6-month land acquisition and construction loan providing funds to build your own home. The construction loan then rolls into a 30-year loan at no additional charge. Rates vary depending on credit, income, etc. Great for debt consolidation, home improvements, or anytime you need to take equity out for any reason. Same tax deductibility as any other type of mortgage.
Lines of credit are reusable.
Used in conjunction with selling your old home and buying a new one. Allows you to pull the equity out of your existing home before it sells. Income must not exceed certain regional income limits. Clean credit a must. Terms are a year balloon with a 25-year amortization.