Second Mortgage GFE 15 years. fixed lump sum after 15 years. But he also says HELOC. Is not this like one?
or interest rates Adjustable variable? How can he say also sets? I'm confused.
These terms are typical for a line of credit. Each loan must be an expiration date, so they use 15 years in this case. HELOCs differ from conventional mortgages of depreciation that allows you to withdraw funds at any time during the term of the loan instead of advancing 100% of funds at closing, then pay principal each month. You can technically move into a HELOC to the intensity of the day before your loan is due, so that the ball "mentioned refers to the fact you have the funds outstanding from the date of maturity.
http://www.ummaa.vpweb.com/packageprep.html settle your 2nd mortgage HELOC