Home equity line of credit

A Home Equity Line of Credit (HELOC) is a type of revolving credit facility that allows homeowners to borrow against the equity they've built in their property. Unlike a traditional home equity loan, which provides a lump sum, a HELOC functions much like a credit card: borrowers are approved for a maximum credit limit and can draw funds as needed during a specified "draw period." Interest is typically variable and only charged on the amount actually borrowed, not the entire approved line. HELOCs are commonly used for significant expenses such as home renovations, debt consolidation, or funding college tuition, offering flexibility and often lower interest rates than unsecured loans, but they do place the home at risk as collateral.

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