A Heloc is a home equity line of credit. You can borrow money whenever you want, up to the credit limit using regular banking methods. This line of credit is secured by your home. You can apply for a HELOC at most banks or credit unions. You are required to pay the minimum interest payment on the amount withdrawn every month. The interest rate is variable based on the lender’s prime interest rate plus a percentage. Ex: a home equity line of credit can have an interest... [read more]