All you have to do is write a check or use the special VISA card.  You may withdraw all or part of the funds in your account at any time.

Once your account is established, the money is your to do with as you see fit without anyone standing over your shoulder, without asking for anyone's approval.

Equity Access funds cannot be used, however, to purchase (or repay debt incurred to purchase) securities.

What about repayment?
There are not fixed monthly payments, payment schedules or prepayment penalties.  In fact, the only monthly payment you're required to make is the interest on the funds your actually using.  And you may take up to the life of the account to pay back the principal.

How are existing mortgages affected?
An Equity Access credit account will probably not affect your first mortgage at all.  The Equity Access account is secured by your house* and any existing second mortgage will be retired when your account is opened.  You can use Equity Access Funds to do so.

What are the tax benefits?
First of all, you still have all the tax benefits you're now enjoying from the ownership of your house, such as the deduction you get for real estate taxes and the interest on your mortgage.

Second, you can deduct the interest you pay in any given year, as a result of your Equity Access credit account  And your account opening fee may also be tax deductible.

Will you qualify and for how much?
The only sure way to know if you qualify, and how much you qualify for is to apply for an Equity Access credit account.

But there are two simple calculations you can do right now to estimate the credit line you may receive. The first involves taking 70% of the appraised value of your house and then subtracting the unpaid mortgage balance.  The second step uses your monthly income as the determining factor.

Step 1

Appraised value of your house
Multiply by .70 (70%)
Less current balance of of 1st mortgage =
Your Equity Access maximum credit line