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HELOC stands for home equity line of credit, or simply “home equity line.” A HELOC is basically a credit card secured by a mortgage or deed of trust on your property. You only pay interest on the amounts you borrow on the HELOC. If you don’t use the line of credit, you don’t have any monthly payments to make. You can access the HELOC by writing checks provided by the lender. In most cases, it will be a second lien on your property.

HELOCs are convenient for funding intermittent needs, such as:

• Paying off credit cards
• Making home improvements
• Paying college tuition.