happydawg asked:
I borrowed $11,000 at a fixed rate last year to put a roof on my house. It was leaking and I needed it fixed fast. They told me it would be good for 20 yrs. I can borrow more if I need it, but he also said I am not allowed to pay it off early. I dont plan to borrow anymore. I am getting my debts under control and have an excellent fico score of 780. Will they release the mortgage on my house if I pay the $11,000 in 4 yrs or do they get to keep it for the full 20 yrs? I should have asked about this before hand, but had a lot going on and just was needed a roof asap.
CRAIG
I borrowed $11,000 at a fixed rate last year to put a roof on my house. It was leaking and I needed it fixed fast. They told me it would be good for 20 yrs. I can borrow more if I need it, but he also said I am not allowed to pay it off early. I dont plan to borrow anymore. I am getting my debts under control and have an excellent fico score of 780. Will they release the mortgage on my house if I pay the $11,000 in 4 yrs or do they get to keep it for the full 20 yrs? I should have asked about this before hand, but had a lot going on and just was needed a roof asap.
CRAIG
BARNEY
Sounds like you have a HELOC (home equity line of credit)…that is good for 20 years.
DYLAN
It means that your home equity line is available to draw on for 20 years