A HELOC is a line of credit that is secured by your home, giving you a revolving credit line to use at your will. You can draw on it when needed to use for large purchases home renovations, tuition, holiday expenses, or emergency expenses.
Home Equity Loan
Like a cash-out refinance, a HELoan will provide you with a lump sum of cash. It acts as a 2nd mortgage, with a fixed payment typically lower than other consumer debt. Funds can be used for any purpose such as debt consolidation, home improvements, or investments.
