There are two disadvantages to a HELOC. One is that the interest rate is variable and can change over time. That’s a disadvantage if rates head higher. The other is that the HELOC lender may have recourse in a foreclosure if the proceeds from foreclosure don’t cover the outstanding loan balance.Can a bank cancel my HELOC?
When a HELOC is in good standing, a bank can generally cancel it only when it is at a $0 balance. A bank can cancel a HELOC to protect itself from exposure to a future loss.What is an US Bank HELOC?
A U.S. Bank Home Equity Line of Credit, or HELOC, lets the equity you've built in your home work harder for you. By borrowing funds against your home's equity when you need it, a HELOC can be ideal whether you're paying for a major expense or simply want to have quick access to emergency funds. Oct 31 2019