Blog

The Ins and Outs of a Home Equity Line of Credit

Homeowners have a great source of funding available to them that others don’t: their house! If homeowners have a significant amount of equity in their home or especially if their mortgage is completely paid off, they can make great financial use of their house by taking out a home equity line of credit (HELOC). HELOCs are loans in the form of revolving credit lines that are secured by a home. They work a lot like a credit card – you have a certain limit, you can draw out money as needed, and you only make payments after you have pulled out money from the account. Funds from a ho...

September 5th, 2018 | Credit, The Ins and Outs of a Home Equity Line of Credit