A First Lien REHELOC would allow homeowners who are equity rich (they have a paid off home and a HELOC that is for a very modest portion of the value of their home, (under 50%)) but cash poor to reset an existing first lien HELOC with a REHELOC so they could remain in their homes by using their homes total net worth as collateral.
For some reason the Government, the Banks, the Fed, and Dodd / Frank are against REHELOC's. These entities are so against REHELOC's that the term DOES NOT EXIST nor is it considered an option!
So if you are a homeowner who spent 20, 30, or 40 years paying off your home and are equity rich but cash liquidity poor, and have a HELOC that is about to reset after 10 years, going from an interest only payment to an interest and principal payment, nobody will allow you to get a first lien replacement HELOC, aka a REHELOC.
Nobody! Not even if the REHELOC would be for less than 50% value of your paid off home.