What is a HELOC?
How does a HELOC work? I inherited a home and have heard this term tossed around a lot when I ask about trying to get money out of the house. The house is paid in full and I just wanted to see what exactly a HELOC could offer me. by jack.e_783_369 from Irvine, California. Nov 18th 2011
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
HELOC = Home Equity Line Of Credit. A great SHORT-TERM tool where you can get money to use for anything, with the equity in the house as collateral. I say short-term because it is awesome if (for example) you use it to pay for a new roof, and pay it off in three or four years. It is a dangerous loan if you use it as a credit card, to pay living expenses, or to pay something off long-term.
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