Home Equity Mortgage - HELOC - David Ingram

Hello;
I'm just getting into this game and am really lost.  What is a
HOME EQUITY MORTGAGE?  Do you recommend them?  How do we benefit?
Thank you.  Sincerely,
 -==================================
david ingram replies:
I think you are referring to a Home Equity Line Of Credit which
is commonly called a HELOC.  A HELOC is a Line of Credit which is
secured against the equity in your home.  The difference between
a HELOC and a Home Equity Mortgage is that with  a HELOC, the
borrower usually only has to pay interest and has the option of
repaying any amount of principal at any time.
With a mortgage, there is generally a blended payment with
interest and some principal being paid on a regular basis which
could be weekly, bi-weekly, monthly, quarterly, semi-annually or
annually.
As a matter of interest, prior to WWII, in our agrarian economy,
most mortgages were paid annually after the crop had been
harvested and sold.
David Ingram's US/Canada Services
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Specialists
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email to taxman at centa.com
www.centa.com www.david-ingram.com
Disclaimer:  This question has been answered without detailed
information or consultation and is to be regarded only as general
comment.   Nothing in this message is or should be construed as
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David Ingram specializes in giving expert income tax and
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their home copuntries from Zimbabwe to Saudi Arabia to Mexico to
China or Chile - Cross border, Non-resident - dual citizen - out
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This from "ask an income tax and immigration expert" from
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