HELOC Definition & Meaning

HELOC

[ hee-lok ]

Phonetic (Standard)IPA

noun

Personal Finance.

home equity line of credit: a loan in which the borrower receives a line of credit, typically for a period of five to ten years, that can be drawn on as needed, using the equity in a home as collateral.

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�y��vlog History and Origins

Origin of HELOC¹

First recorded in 1960–65

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Example Sentences

Examples have not been reviewed.

If you’re younger than 62 and you’re still working, a home equity line of credit, or HELOC, can provide you with a stream of income to tap later if you need it.

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Like a HELOC, a home-equity loan uses the equity you’ve built up in your home.

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“In this way, the cash-out refi provides protection from rising rates in the future, which is an advantage over a HELOC,” says Glenn Brunker, president of Ally Home.

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When you file a Chapter 7 bankruptcy, it terminates your liability on both the primary mortgage and the HELOC.

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A home equity line of credit, or HELOC, provides more flexibility for large projects because you can draw on it as needed for up to about 10 years.

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