HELOC (Home Equity Line of Credit)
A revolving credit line secured by your home, usually with a variable rate.
Why it matters
A HELOC works like a credit card backed by home equity. The draw period lasts 5–10 years, followed by a repayment period. Because the home is collateral, missed payments can lead to foreclosure. Rates are usually tied to the prime rate.
Learn deeper
Loans — Refinance & Home Equity
See also
Educational only — not financial, tax, or legal advice.