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If you had 50K equity you would need to go to get a loan. If the loan was a line of credit, the repayments would be based on how much of the loan you used times the interest rate divided by 365, times by the amount of days in the repayment perios, usually a month. Its exactly the same as a...

Most lenders will only do LOC at 80%, although there are some left who will do it for 90% of the properties value. Basically LOC are a little bit like a credit card, you only need to make the interest payments on the money drawn that month. Some people use them as in case of emergency money...