announced the launch of a home equity line of credit.

Equity Line is a form of revolving credit that allows homeowners to borrow up to 40 percent of the equity they have accumulated in their homes. The minimum line of credit offered is $30,000.

Once they qualify the borrower can then withdraw the funds whenever they need the money. The minimum withdrawal is set at $5,000. Interest is charged monthly. The borrower also pays an annual fee.

"Equity Line offers you an easy and convenient way to fund the priorities in your life,'' Bank of Bermuda personal loans manager Frederica Forth stated in a Press release.

"We aim to meet our customers' life long needs. People can use this credit for anything from university education for their children, payment for a medical bill, or a cruise around the world.'' She said customers with existing mortgages could still qualify for the product as long as they had sufficient equity in their home.