Topic: heloc

What Is a HELOC, and How Does a Home Equity Line of Credit Work?

• A home equity line of credit, or HELOC, lets you borrow against the value you have built up in your home, drawing cash as you need it much like a credit card.
• It can be a flexible, relatively low-cost way to fund a renovation or consolidate debt, but because your house is the collateral, the stakes are higher than on an ordinary loan.