Home Equity Line of Credit (HELOC) A mortgage set up as a line of credit against which a borrower can draw up to a maximum amount, as opposed to a loan for a fixed dollar amount. For example, using a standard mortgage you might borrow $150,000, which would be paid out in its entirety at closing.
Do you see what is not present in this definition of home equity indebtedness? The loan proceeds can be used for anything-even if not related to the house! A clear example of home equity indebtedness.
A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans such as credit cards.
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Definition of home equity line of credit: A method of borrowing in which a homeowner may borrow against home equity as needed using a checkbook or.
HELOC stands for home equity line of credit, or simply "home equity line." It is a loan set up as a line of credit for some maximum draw, rather than for a fixed dollar amount. For example, using a standard mortgage you might borrow $150,000, which would be paid out in its entirety at closing.
A home equity line of credit (HELOC) is one option to tap into the value a homeowner has built up in her home. Proceeds from a home equity line of credit are often used to pay for home remodeling, a.
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Definition: Home Equity Line of Credit (HELOC) is type of loan or credit line that uses one’s home as monetary collateral for other expenses. RETURN TO GLOSSARY. Wherever it leads, whatever it takes.
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– Definition of home equity line of credit: A type of second mortgage in which money is taken in draws, rather than in one lump sum. Lines of credit are often used to pay for education and home repairs or improvement projects. Money can be.
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