HOME EQUITY LENDING

A home equity line of credit (or HELOC) is a revolving form of credit with a variable interest rate, similar to a credit card. The line of credit is tied to the equity in your home. It allows you to borrow and repay funds on an as-needed basis during a specified period of time. After that, you’ll pay back the amount you borrowed in installments.

HELOCs’ appeal largely lies in its flexibility: Similar to a credit card, funds can be used gradually, on an as-needed basis. Borrowers can take out only what they require and pay interest only on what they use.

Whatever their rate, HELOCs also tend to be less expensive than other forms of consumer debt, like credit cards and personal loans. HELOCs also allow a homeowner to keep their existing low-rate mortgage.

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