Why I LOVE Home Equity Lines of Credit! (HELOCS 101 Pt1)

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A Home Equity Line of Credit, or HELOC, is a loan that allows you to borrow against the equity in your home and have the equity unlocked in cash, with relatively low interest rates.

A HELOC is a revolving line of credit, operating similarly to a credit card, meaning that you can continually draw on it over time, whenever additional funds are needed, rather than receiving a loan in one lump sum.
HELOCs have a drawing period, which is defined as the amount of time that you are allowed to draw on the credit.

This drawing period varies between five and twenty years, with 10 years being the most typical.

This makes HELOCs an attractive way to access equity in a house since they provide access to large amounts of money for long periods of time.

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Видео Why I LOVE Home Equity Lines of Credit! (HELOCS 101 Pt1) канала VIP Financial Education