This might be a stupid question so I apologize in advance. I am doing a reg Z review and I am currently looking at our HELOC product.

We have an minimum payment of interest only product that has a draw period of 7 years. The final payment is disclosed as the entire outstanding balance in a single payment. The disclosure also states that the repayment period is 1 month. The maturity date disclosed is 7 years. Not 7 years and 1 month. From what I understand there should be no repayment period...??

We have a similar product. I agree that the disclosure should reflect that there is no repayment period, since a balloon payment is due at maturity.