HELOC Definition. HELOC is an abbreviation of Home Equity Line of Credit. This refers to a loan in which the lender agrees to lend a maximum amount within an agreed period. This differs from a conventional home equity loan in that the borrower is not advanced the entire sum up, but uses the line of credit to borrow sums that total no more than the amount.. A HELOC in many ways is.
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Home equity line of credit A home equity line of credit is a loan in which the lender agrees to lend a maximum amount within an agreed period, where the collateral is the borrower’s equity in his/her house.
Home Equity Line of Credit. Often referred to as a second mortgage, both a Home Equity Loan and a heloc include competitive rates and several lending options. While there are a few key differences between a Home Equity Loan and a HELOC, both offer a practical way for you to tap into your home equity to reach your goals.
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Definition of HOME EQUITY LINE OF CREDIT: A second mortgage where money is taken in smaller sums. It pays for education or repairs. The Law Dictionary Featuring Black’s Law Dictionary free online legal dictionary 2nd Ed.
Home Equity Line of Credit (HELOC) is a type of mortgage loan usually taken using the home equity as a security for the loan. HELOC is used for home improvements, medical bills, and purchases. The funds are obtained by writing checks against the line of credit. Interest paid on the loan is generally tax deductible.
Home Equity Line of Credit Definition. 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 new car, education expenses or loan consolidation. A home equity line of credit is a flexible way to borrow against a home’s value.
Related Terms: Second Mortgage, Home equity conversion mortgage, HECM, Home Equity Line of Credit > See All Mortgage Terms The home equity loan allows you, as a homeowner, to borrow money while using the equity on your house as collateral.