what is a home equity line of credit 
a home equity line of credit heloc is similar to a credit card acting as a revolving line of credit based on your home s equity heloc funds can be used when you need them paid back and used again often there is a 10 year draw period where you can access your credit as needed with interest only payments after the draw period you enter the repayment period where you must repay all the money you borrowed plus interest 