A home equity line of credit (HELOC) is an excellent way to fund home renovations or pay off personal debts. A home equity line of credit is commonly referred to as a revolving line of credit, as it can be used over and over—just like a credit card.
A HELOC is a secured line of credit that is secured against the equity in your home. It offers very low interest and low monthly payments. It can even be added on to your current mortgage without posing any implications on it.