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A borrower has requested a home equity line of credit (HELOC) secured by a second mortgage. Can we pay off the first mortgage on the home with the HELOC funds at closing? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

A borrower has requested a home equity line of credit (HELOC) secured by a second mortgage. Can we pay off the first mortgage on the home with the HELOC funds at closing?

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Yes. We are unaware of any limitations on the use of HELOC funds to pay off a first mortgage.