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Since home equity lending became legal in Texas, the state’s industry has had to follow some unique rules. These include: Restrictions on the total value of mortgage debt: Homeowners can’t owe more than 80 percent of the market value of their home on combined mortgage loans and home equity vehicles.

A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans Footnote 1 such as credit cards. A HELOC often has a lower interest rate than some other common types of loans, and the interest may be tax deductible.

Tapping home equity can be a smart way to borrow cash to. a home equity loan, home equity line of credit or cash-out refinance. Home Equity Lines of Credit (HELOC) in Texas | Frost – Frost Bank – Apply for a Frost home equity line of credit and use your HELOC to.

Michele McCoy of Champaign, Illinois speaks about how her parents, now in their 90s, lost their Detroit home after taking out a reverse mortgage. (Photo: Ryan Garza, Detroit Free Press) But that.

You can access the equity in your home in one of two ways, through a home equity loan or a home equity line of credit.

Home Equity Loan Rules. In Texas, second mortgages and home equity lines of credit are treated as cash-out refinances. This means a second mortgage can only bring the combined loan-to-value ratio (amounts of first and second mortgages) to 80 percent. Borrowers are also only allowed to secure only one home equity loan per year.

28 TAC 9.30. The Commissioner of Insurance adopts amendments to 9.30 relating to home equity. Section 9.30 adopts by reference certain amendments to home equity endorsements and procedural rules in the Basic Manual of Rules, Rates and Forms for the Writing of Title Insurance in the State of Texas (Basic Manual) necessitated by recent amendments to the Texas Constitution.

A financial institution that is familiar with the rules of Department. account. The credit union offers many bank accounts and a wide variety of loans, such as mortgages, home equity loans, a first.