Does a first position heloc automatically convert to a mortgage with principal and interest when contract term expires

Typically yes, but review the loan documents from original closing. Most lenders will give you option to reapply for Heloc before it converts, as well.

Contact your lender.. EVERYONE has different requirements, some are considered a balloon payment, which means the complete line needs to be paid.. you can email me at yourloanpartnerforlife@live.com linda I might have other options for you

Read the security agreement, but yes.. typically, a HELOC has a 10 year draw period, and then on the 11th year, it converts to a 20 year fully amortized loan. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Generally speaking, they have a draw period, lets say the first 10-years. After that, you can no longer draw, and it is full repayment only. But you will need to review your own loan documents to be 100% sure.