Home Equity Line of Credit (HELOC)

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HELOC

What is a Home Equity Line of Credit or HELOC for short?

A home equity line of credit, also known as a HELOC, is a line of credit secured by the home you own that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loansFootnote 1 such as credit cards. A HELOC often has a lower interest rate than some other common types of loans, and the interest may be tax deductible.

With a HELOC, you’re borrowing against the available equity in your home and the house is used as collateral for the line of credit. As you repay your outstanding balance, the amount of available credit is replenished, just like a credit card. This means you can borrow against it again if you need to, and you can borrow as little or as much as you need throughout your draw period (typically 10 years) up to the credit limit you establish at closing. At the end of the draw period, the repayment period (typically 20 years) begins.

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