A Home Equity Line of Credit (HELOC) is a line of credit you can access for a variety of things: debt consolidation, home improvements, major purchases (appliances, cars, RVs, boats, etc.), and many other expenses.
It works much like a credit card. But, because it’s secured by your house, you may be able to access more money at lower interest rates than with a credit card or personal loan.
HELOCs also give you flexibility in your monthly payments. You can even make interest-only payments during the draw period (up to the first 10 years of your HELOC).
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