Home equity line of credit (HELOC)

A mortgage loan, usually a second mortgage, that allows a borrower to obtain cash against the equity of a home, up to a predetermined amount.

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How to Use a Home Equity Loan or HELOC

June 7, 2019 Mary Van Keuren

As home prices continue to climb, home equity loans and lines of credit are becoming potential sources of extra cash for a growing number of homeowners. But you still need to be very careful when tapping the value of your home.

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Collateral, Home equity line of credit (HELOC), Home equity loan