An equity mortgage although secured against the value of a real estate property, the true equity is one where many of the qualifications criteria are overlooked or simplified.
A true 1st mortgage equity program may only extend to 50% or 65% of the appraised value of the real estate. I this case, there is so much equity that an Equity Lender may not consider factors such as income and credit in the usual manner. They will however consider the location of the property. Property should be in a very marketable location in a major urban city where the market is strong.