What Is a Home Equity Line of Credit (HELOC)?

A HELOC is a revolving credit line that lets homeowners borrow against their equity as needed, similar to a credit card but secured by the home. You can draw funds during the “draw period,” usually 5–10 years, and repay them over a longer term.

In my experience, HELOCs offer flexibility for homeowners who prefer to access funds gradually — for remodeling, tuition, or emergency expenses. However, because interest rates can fluctuate, they require disciplined management. A financial advisor or mortgage professional can help determine whether a HELOC fits your long-term plan.