HEAP is simple to set up and easy to use. A Home Equity Line of Credit is established Normal Cycle Paychecks are direct deposited into the HELOC A pre-determined amount is drawn from the HELOC and applied to the principal balance of your first mortgage. Deposits are immediately available for use Normal monthly bills and expenses are paid from the HELOC The unsused portion of your income reduces the balance of the HELOC The reduced balance results in reduced interest charges As soon as the HELOC balance is $0.00 the cycle can start over.
