|What is the Banker Line of Credit (BLOC)?
The BLOC is a Home Equity Line of Credit Account:
|The BLOC is to Function as a Money Account:
instead of using your bank checking account for receiving and paying funds, you will use your BLOC as your money account. All of your income and living expenses come into and out of the BLOC.
And all of your expenses such as your mortgage payment, food, clothes, transportation, and all other living expenses (including those college expenses) will be paid by writing checks using your BLOC.
|Home Equity Line of Credit Accounts are different than Home Equity Loans:
home equity credit lines are open lines of credit where you can advance yourself money at anytime by simply writing a check against your line of credit.
Equity loans are one-time loans that work like mortgage loans. Banks will give your a loan based on the LTV value of your home. You will then repay the loan over a period of time at a fixed APR rate.
For this program, you need to open a home equity line of credit account: