What is a Home Equity Line of Credit (HELOC)?

Home Equity Line of Credit (HELOC) Definition

A home equity line of credit, or HELOC, is a flexible loan offered based on the value you have built into your home over time by making your mortgage payments. For instance, if your mortgage was originally for $200,000 and you have paid it down to $150,000, then you have $50,000 in equity that can be tapped into and used for other things. A home equity line of credit allows you to spend the funds as you need them, and you only pay interest on the money that you have spent.

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