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

Larrd · ‎June 4, 2019

IreneS · ‎June 4, 2019

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.

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IreneS · ‎June 4, 2019

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.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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