If a coop refinances its mortgage, does this qualify as a HELOC (home equity line of credit)?

Larrd — Tue, 04 Jun 2019 19:47:52 GMT

No - A home equity line of credit (HELOC) is an additiona...

IreneS — Tue, 04 Jun 2019 19:47:53 GMT

No - A home equity line of credit (HELOC) is an additional loan on the property. If your co-op says that they refinanced the mortgage on the building, they paid off the first loan with the proceeds of the new loan, so there is still only one loan.

topic If a coop refinances its mortgage, does this qualify as a HELOC (home equity line of credit)? in Deductions & credits

If a coop refinances its mortgage, does this qualify as a HELOC (home equity line of credit)?

No - A home equity line of credit (HELOC) is an additiona...