? regarding HELOC

[BarryNTexas]

It's my first time posting a question in this forum so look forward replies.

I have a home that is is original homeowner financed.  No bank mortgage.  I have 3 years left and it will be paid off.  As of today's value I have about 120K in equity.

I am wondering without a mortgage can I open a HELOC?  I have accounts with NFCU and WF and think down the road I'd like to have a HELOC available for future emergencies or repairs.

Any expert insight is very much welcomed.  Thanks

[StartingOver10]

You do have a mortgage. It is a private mortgage. Most of the time the private mortgages are recorded just like institutional type mortgages so your HELOC wouod be behind your existing mortgage. Not usually an issue at all. The best source I have found for HELOCs is small regional banks or CU's. You would need to qualify for it. I would stay away from WF.  NFCU is good.

[BarryNTexas]

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@StartingOver10 wrote:

You do have a mortgage. It is a private mortgage. Most of the time the private mortgages are recorded just like institutional type mortgages so your HELOC wouod be behind your existing mortgage. Not usually an issue at all. The best source I have found for HELOCs is small regional banks or CU's. You would need to qualify for it. I would stay away from WF.  NFCU is good.

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Thanks for the insight.  I have a message into NFCU to confirm. They offer many flavors of HELOCs and I was thinking of 15 yr fixed.  You have any suggestions?