What Is A Home Equity Line Of Credit. A home equity line of credit is a revolving source of funds much like a credit card that you can access as you choose. A home equity line of credit also known as a heloc is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher interest rate debt on other loans footnote 1 such as credit cards.
Instead of taking out a lump sum borrowers are given access to a credit line similar to how a credit card works and only charged interest on the amount they use. A home equity line of credit also known as a heloc is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher interest rate debt on other loans footnote 1 such as credit cards. A heloc often has a lower interest rate than some other common types of loans and the interest may be tax deductible.
A home equity line of credit or heloc is a type of home equity loan that allows you to draw funds as you need them and repay the money with a variable interest rate.
A home equity line of credit is a revolving source of funds much like a credit card that you can access as you choose. Heloc funds can be used to remodel your home pay for college or even take vacations. A home equity line of credit or heloc is a secured loan backed by your home. A home equity line of credit or heloc is a type of home equity loan that allows you to borrow cash against the current value of your home.