Updated about 8 years ago on . Most recent reply
HELOC on property in flood zone. Who gets the payout?
Hey BP I'm about to get a HELOC on my property that is located in a flood zone. There is no mortgage on the property but there is an active flood insurance policy just in case. So when I get the HELOC, use 50% of it, and let's say the property floods (I hope not!!)- who gets the check from the insurance company? The bank that is holding the HELOC or me as the homeowner?