First Lien HELOC definition
First Lien HELOC means a home equity revolving line of credit secured by a mortgage, deed of trust or other instrument creating a first lien on the related Mortgaged Property, which lien secures the related line of credit and that is underwritten in accordance with the Underwriting Guidelines.
Examples of First Lien HELOC in a sentence
Except in the case of a Second Lien Mortgage Loan and a First Lien HELOC, the lien of the Mortgage securing the consolidated principal amount is expressly insured as having first lien priority by a title insurance policy, an endorsement to the policy insuring the mortgagee’s consolidated interest or by other title evidence acceptable to the applicable Loan Program Authority.