HELOC (Home Equity Line of Credit)
A revolving credit line secured by home equity, offering flexible access to funds when needed.
A Home Equity Line of Credit (HELOC) is a revolving credit line that allows homeowners to borrow against the equity in their home as needed. HELOCs provide flexibility, allowing borrowers to withdraw funds, repay, and borrow again within a set time frame. These loans are useful for home renovations, major expenses, or emergency funds. Interest rates are typically variable, meaning they can fluctuate over time.