Real Estate Glossary

What is Home Equity Line of Credit?

A Home Equity Line of Credit (HELOC) is a type of loan that allows homeowners to borrow money using the equity in their home as collateral. This type of loan typically has a variable interest rate and allows homeowners to access funds as they need them, similar to a credit card. This is why it is also called a "home equity line of credit." With a HELOC, homeowners can borrow money up to a certain limit and only pay interest on the amount they borrow. This type of loan is often used for home improvements, debt consolidation, or other large expenses.

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