Home Equity Line of Credit (HELOC)

Home Equity Line of Credit (HELOC)

A Home Equity Line Of Credit is a floating-rate mortgage on your home. It is a revolving line of credit, like a credit card account, except that you access your loan funds by writing checks drawn on your credit line. You will receive a monthly statement that shows all of the checks you wrote, any payments you have made, the interest you were charged, and a minimum payment for that month.