Hi,

We currently own a home(free and clear) and plan to buy a new one in another state. We plan to buy the new home first and sell our current home in the future. To buy the new home, we are thinking about taking out a home equity credit line against our current home to buy the new home.

Question: In our situation, when does the home equity credit line need to be paid off in full....can it be paid off at the closing of selling our current home? We just want to make sure we're not going to be stuck paying off the home equity credit line before the closing on the sale of our "current" home......or that we can't even sell our current home until the home equity credit line is paid off.

Thanks.