But not in Texas. A borrower there can secure a home-equity line of credit from a bank. And she can refinance her mortgage or take out a home-equity loan. But the total amount of debt on a home cannot exceed 80 percent of its appraised value, and any proceeds cannot be used to pay off other debts.
Wait: stricter regulations on lenders and borrowers? Isn't that teh socialism of liberal power grabbery? No. These are called sensible rules and regulations. Contrast that to proceedures that existed in other states who got addicted to the monopoly money, and where those states are today.