re: Questions about a home loan or refinancing?

It goes as a second mortgage on your house. When I did mine the bank allowed me to have a credit of up to 90% of the appraised value minus what I owed on my mortgage. I did it through my bank so it showed up in my online account as a separate account that I could transfer the money in to my checking account. You only pay interest on what you use. If you pay it off, it will just sit there until you need to use it again. Monthly minimums have been around $150 plus interest.