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How Does a Stated Income HELOC Work?
A stated income HELOC (home equity line of credit) uses the equity in your home as collateral for a revolving credit line. Often, HELOCs are issued just like credit cards. The limits tend to be very high, in the tens of thousands of dollars, because the lender has a lien on your property. In the stated income form of HELOC, you do not have to provide proof of income in order to obtain the loan. You simply state your income on an application. Stated income HELOCs are highly flexible with many uses, but they do come with significant drawbacks.... »
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