Skip to content
BOL Conferences
Learn More - Click Here!

Thread Options
#113231 - 09/08/03 08:54 PM Home Equity Line Of Credit (Credit Card)
Anonymous
Unregistered

Are there any requirements when issuing a credit card as an access device for a Home Equity Line of Credit in Pennsylvania.

Return to Top
#113232 - 11/05/03 05:27 PM Re: Home Equity Line Of Credit (Credit Card)
bjgordonfnb Offline
Junior Member
bjgordonfnb
Joined: Jun 2002
Posts: 48
Fulton Co, PA.
This is definitely not legal advice, but in order for a progam like this to work at my bank - we would do all of the regular disclosures related to Home Equity - then set the line to tie into customer checking account, so when the credit/debit card is used and funds are not available, the line would advance to cover the amount, if not available. Your Home Equity disclosure/note would spell out how this line would advance or be used for this particular product. You would NOT want it to be tied to a savings or money market account because of the POS limitations of 3 per month. Just my opinion.

Return to Top