A home equity line of credit, or HELOC, is a revolving line of credit that’s secured by the equity in your home. Think of it as a secured credit card, with your home acting as collateral.
Just like with a credit card, you’ll have a limit. This limit represents the equity in your home. You can tap it as frequently as you want, provided you have the available balance. When you pay down your balance, that amount of money is credited to your HELOC and you can spend it again later.
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