Home Equity Line of Credit

A Home Equity Line of Credit, better known as a HELOC, is a vehicle to tap into the equity of your home when you need cash for a variety of things, like:

Home repairs.

Auto repairs.

Home remodel.

Debt Consolidation.

Pay for a wedding.

Purchase an automobile.

Pay for a vacation.

Pay bills.

Purchase a home.

Pay for education.

Emergencies.

And more.

Unlike the horrible compound interest of a credit card that is so incredibly difficult to pay down, a HELOC is a simple interest loan, just like your first mortgage, so it pays down faster than a credit card. The monthly payment and interest rate are also significantly lower than a credit card. Finally, you might also have the opportunity to write a portion or all of the HELOC off on your taxes – consult your tax professional to confirm if and how much is possible.

You can use the HELOC, pay it down, and then use it again, just like a credit card.