Our HELOC's are set up as a 10 year draw period only. At maturity we refinance to a new HELOC or an amortizing loan.
This question has been posed to me and I wanted to see if anyone else is doing this or if it is even possible.
Example: Customer has a $20,000.00 HELOC with $10,000.00 drawn. We are wanting to, at the customers request, set aside the $10,000.00 (or whatever amount the customer wants)and put on payments until paid down.
Again, is this possible? Would any additional disclosures be required?
I'm no supergenius, or are I? Homer Simpson.