Home equity line of credit

A line of credit, secured by a property, that allows owners to tap into their home's equity

You may be able to get a line of credit that works like your checking account or credit card. Equity is the difference between the value of your home and the amount you owe on your mortgage. It's flexible, so, if your equity is $20,000, you can withdraw at will simply by writing a check. Note that you'll have restrictions on how much you can withdraw at one time. You only pay interest on what you borrow and your credit limit is restored as you pay back what you owe. A home equity line of credit typically stays open for 10 years. Once it closes, you normally have 10 to 15 years to pay back what you owe. The added bonus is that the interest you pay may be deductible from your taxes. Consult your tax advisor.

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