A home equity line of credit (HELOC) is a revolving line of credit secured by your home that offers a lower interest rate than a traditional line of credit. Through a HELOC, you can borrow up to 65% of the value of your home minus the outstanding balance of your mortgage. Note, however, that your mortgage balance + HELOC cannot equal more than 80% of the value of your home (meaning you must maintain 20% equity at all times).
« Back to Glossary Index
VIEW ALL
Eye lens regeneration from own stem cells
September 30, 2016Sense of smell may predict Alzheimer’s risk
September 30, 2016