I didn’t attend. I was curious about #9 so I looked at mine. It says that my line can be terminated, requiring me to pay the outstanding balance and pay certain fees, if “the value of the dwelling securing the equity account declines significantly below its appraised value for purposes of the equity account.” Separate from the possible termination, the rate can go as high as 18%. I can’t find anything about a conversion to fixed 18%. I don’t have any money on it, but this is good to consider in case I want to use it.
I suppose that ‘Declines significantly’ means whatever they want it to mean. There is no specific LTV amount.
