Home Equity Lines of Credit (HELOC)
A regular mortgage is a set amount at the beginning, and the principle balance is paid down over time. Every payment to the principle balance increases your "home equity". With a home equity line of credit - or "HELOC" for short - you can use that built up equity as collateral, to gain the ability to re-borrow those funds.
A home equity line of credit can be a very useful financial tool. Re-pay or re-borrow the funds as you see fit, with no penalties and an interest-only payment.
Automatically increasing limit
As your mortgage goes down, your credit limit goes up. Divide the available credit across multiple accounts with separate statements.
Interest only payment
Manage your cash flow by paying as little as just the interest amount owed each month.
Fully open, no penalties
Pay back as much as you want, whenever you want. Then, re-borrow it again any time, with no fees, applications, or questions!