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Statistical Brief: Home Equity Lines of Credit — A Look at the People Who Obtain Them
Statistical Brief: Home Equity Lines of Credit — A Look at the People Who Obtain Them
Report Number SB/95-15
Starting in the mid-1980’s, home mortgage interest payments became the only interest payments the average homeowner was allowed to claim as an itemized tax deduction. This made home equity lines of credit (HEL’s) popular. HEL’s are credit lines extended by a financial institution to a homeowner based upon the equity in a home.
This Brief profiles the 3.4 million single-family home owners who had HEL’s in 1991 and compares them to the 26.5 million single-family home owners who had other types of mortgages. (These data apply to the single-unit property these owners both owned and lived on.) In addition, the 646,000 owners whose HEL was their only mortgage are compared to the 2.7 million whose HEL was a junior mortgage (i.e. they also had at least one other mortgage on their property).
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Page Last Revised - October 8, 2021
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