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Article: GMAC MORTGAGE OFFERS A HOME EQUITY LINE FOR UP T0 100% HOME'S VALUE
- Article from:
- PR Newswire
- Article date:
- April 6, 1995
CopyrightCOPYRIGHT 1995 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ELKINS PARK, Pa., April 6 /PRNewswire/ -- GMAC Mortgage Corporation recently introduced a home equity line that allows homeowners to access credit lines for up to 100% of their home's appraised value. Under the program, credit lines are available in 43 states for amounts of $10,000 to $35,000.
Traditionally, lenders won't allow more than 70% or 80% of the home's value to be tied up with a first mortgage and equity line. Since there are a tremendous number of homeowners who have very little equity in their property, but want the tax advantages and attractive rates of home equity lines, a 100% equity line is suited to their needs.
"GMAC Mortgage offers more ...