Home Equity Line of Credit

KEY TAKEAWAYS

• A home equity line of credit (HELOC) is a second mortgage that allows you to tap into your home’s equity.
• You can use a HELOC loan for anything from paying off debts to home improvements and making major purchases.
• A HELOC loan isn’t the only way to tap into your home’s equity. Instead, you might prefer a home equity loan, reverse mortgage, or cash-out refinance.
• Whether a home equity line of credit is right for you depends on your financial situation and needs.