EQUITY TAKEOUT
Mortgage in which the owner takes the money out of a property for numerous purposes. Homeowners are permitted to touch the equity of their home. If done in a home with an existing mortgage, the principal on the mortgage will escalate. But if the owner has no mortgage, he will be borrowing against the property.
Equity takeout is available in two forms: traditional fixed rate mortgage and variable line of credit option. The traditional mortgage gives stable interest rates for a predetermined time period and has constrained prepayment option. The variable line’s rate fluctuates and has flexible prepayment choices. Also called equity takeout mortgage.
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