Home Equity Credit Line
A home equity line of credit (HELOC) is a type of loan that allows you to borrow against the equity in your home. It works like a credit card, providing you with a revolving line of credit that you can use as needed. The amount you can borrow depends on the amount of equity you have in your home and your creditworthiness. HELOCs typically have lower interest rates than other types of loans, and the interest may be tax-deductible. However, it’s important to remember that if you default on your payments, your home may be at risk of foreclosure.
