Go Back To Search Results Question Can you pay off a home mortgage with a home equity line of credit? My sister is asking me for money to pay up her home equity line. When I asked about her mortgage payment, she said she paid it off with her home equity line. Is that possible to borrow money on your home to pay off your home? By Karen S Posted on 02/05/09 Total Answers 3 Answers- Technically, you can do that. Pay off your mortgage with your (Home Equity Line of Credit) HELOC. It doesn't make much sense because the bank who financed the HELOC can still foreclose on the house. Plus you still owe money on your house, so it doesn't make sense to move money from a HELOC vs. a mortgage. Answer by : Dave On Date 2009-02-05 15:08:41 Sure it's possible but why would she do that? Now she still owes money on the house but her interest rate is completely adjustable and probably higher than where it was with her first mortgage. The terms of an equity line or 2nd mortgage are never as good as a 1st mortgage. Answer by : Coors On Date 2009-02-05 15:08:45 If her home mortgage rate was higher than her line of credit it makes sense. I do not have a home mortgage but I do have a line of credit on my home. Normally you can just make interest payments on a equity line if you want. My heloc is locked for 5 years with minimum payment being the monthly interest. Normally people do borrow on their home to pay off their home when they refinance. Answer by : zbikenut On Date 2009-02-09 10:13:56   Go Back To Search Results