We have a matured hom equity line of credit that we would like to extend for an additional period of time. Our process is that the renewal is taken care of prior to maturity date but we did have one that was overlooked. At this point I know we have to give a new HELOC disclosure to the borrower and get a new note signed, but how does the right to rescind work? Once it matures, do we have to have a new ROR signed for each advance or can we have them sign just once at the time they sign the new note and just make sure no new advances are allowed until the 3 business days pass?
Thank you,
Dawn