<p>Does anyone know if the balance on your home equity line of credit reduces the equity in your house on the CSS?</p>
<p>If you are asking about what you have outstanding, what you have borrowed from your HELOC, yes it does reduce the equity in your house. The value that is asked for any asset is less any loan, mortgage, lien specifically placed on it so in the case of your home, the value is the NET equity, what you will likely have in your hands after expenses, mortgage, liens, HELOCS tied to your house and have to be paid before you get that check at closing/ </p>
<p>Thanks! Yes, that is what I mean. I don’t see anything in the instructions about it and had read something online that suggested a heloc was consumer debt not treated as a mortgage for CSS.</p>
<p>The utilized portion of your HELOC should be reported as part of your debt on the house. If you have a Home Equity Line of Credit in the amount of $50,000 (possible maximum), but your current balance on the line is $15,000, then you’d just including that $15,000 along with whatever the balance is on your primary mortgage on the home. </p>
<p>Thank you. Finally finished the CSS.</p>