as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
system
can a line of credit be re-financed? is it like a mortgage, with a term?
user
helocs typically have a 10 year draw and 5 year payback. during the draw time you can pay interest only if you wish. the rate can range from prime minus 1.5 to prime plus (quite a bit).  of course, you can always shop around for a better deal than you currently have so long as you have equity in your home.
assistant