A revolving credit line secured by a home's equity, allowing borrowing and repayment as needed.
Unlike a home equity loan, which provides a lump sum, a HELOC works more like a credit card with a credit limit based on available equity. Interest rates are usually variable, and there's typically a draw period during which funds can be borrowed, followed by a repayment period. Because it's secured by the home, defaulting can put the property at risk of foreclosure.
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