HELOC (Home Equity Line of Credit)
A revolving credit line secured by your home equity, similar to a credit card.
A HELOC lets you borrow against your home equity as needed, up to a credit limit (typically 80-85% of home value minus mortgage balance). It has a draw period (usually 10 years) where you can borrow and make interest-only payments, followed by a repayment period (10-20 years) with full principal and interest payments. Interest rates are variable, typically prime rate plus 0-2%. HELOCs are useful for home improvements, debt consolidation, or emergency funds, but your home is collateral.
Try it yourself:
Open HELOC (Home Equity Line of Credit) Calculator →