GMAC-Residential Funding Corp., Minneapolis, unveiled its new first-lien home equity line of credit product Oct. 25 at the Mortgage Bankers Association's 91st Annual Convention & Expo in San Francisco.In an interview, Danny Hellams, senior vice president and managing director, said the new product is aimed at "aging baby boomers." This group of consumers will be looking for a way to use the equity they have accumulated in their homes in a liquid fashion, he said. It has a minimum FICO score of 660, with loan-to-value ratios of 95% when used as a purchase loan or a rate-and-term refinance, or 85% for cash-out refis. Access can be through cash, card, or electronic funds transfer. Mr. Hellams said RFC has been getting requests from its clients to use the product, often seen in second-lien loans, as a first-lien product. The term of the loan is 25 years, with a 10-year draw period and a 15-year amortized repayment period. The product will be on the market in December, he said.

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