Oh, the things you could do with your home if only you had the money. Remodel the kitchen, overhaul that ugly bathroom, or just fix the roof. But who has thousands of dollars just lying around to be funneled into a renovation project?
Well, if you own your home and have built up equity by faithfully making those mortgage payments over the years, perhaps you do. A home equity line of credit, or HELOC, lets homeowners borrow money by using their home equity as collateral.
“A home equity line of credit is one of the most versatile lending facilities to have in your financial arsenal,” says John Cindric, a financial adviser with BlueShore in North Vancouver, British Columbia.