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it is neither an asset nor a liability.
FAFSA does not consider home equity, nor home mortgage nor personal debt which is why you could not find it there. Profile uses home equity (market value less mortgage less home equity lines, only if they have a balance due). If the balance due is zero on the HEC, then you don't include it. If, say, you borrow $10k against the HEC, then you would reduce your home equity by that amount, but, of course, you'd also have $10k in cash in the bank, (unless you spend it prior to completing Profile).
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