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Heirs and assigns
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High loan-to-value loan
Highest and best use
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You chose: High loan-to-value loan
A home equity refinancing loan typically at 125% of the market value of a home which makes it inherently high-risk and reserved for only the lowest-risk borrowers since a portion of the loan is unsecured and where the lender is gambling on the borrower's integrity.
Example: When the Dawsons refinanced their old $90,000 mortgage, they were able to get a high loan-to-value loan of $125,000, despite the fact that their home was worth only $100,000. They used the $35,000 cash proceeds of the transaction (minus transaction costs) to remodel and retire other existing debts.
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