Thread Starter: Anonymous
Title: Re: HELOC renewal
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I have read 1026.40 and 1026.9. I cannot determine if a renewal of a home equity LOC is considered a change in terms (none of the terms are changing, they just have access to the LOC for 5 more years. Can someone point me in the right direction?
On a similar note, if we decide not to renew the LOC, is this a change in terms? I am assuming not because it was disclosed at the time the HELOC was opened. However, if a few renewals have occurred and now we've decided not to renew-- is that a change in terms?
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