A home equity line of credit is secured by your home and gives you a revolving line of credit that you can use for purchases, to pay off other debts, or just have on hand for a rainy day or emergencies.
A home equity line of credit works much like a credit card but typically has significantly lower interest rates. As you repay your outstanding balance, the available credit is replenished. You are free to borrow a much or as little as you like and at any time you like.
It’s a great tool for making big purchases, making upgrades to your house, paying off debt that has high interest rates, and more.