What are the requirements for property used as collateral for a Home Equity Loan or Line of Credit?
The property being used as collateral must be located in Virginia. Either your second or vacation home (not used for rental) located more than 50 miles from your primary residence can be used as collateral. Eligible properties include one to four family homes, condominiums, and double-wide manufactured homes on a permanent foundation. Any liens other than your first mortgage must be paid off in full before or at closing, and all owners holding a title interest in the property must sign all appropriate closing documents. Property insurance is required on all properties being used as collateral.
