What is a HELOC

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Is HELOC free money? HELOC is not free money. HELOC stands for Home Equity Line of Credit. This allows you to borrow against the equity you have in your home. In order to get a HELOC, you have to apply for it, and most of the time, there will be application or origination fees, even an appraisal fee. Depending on the lender they might also charge annual or maintenance fees, to keep your credit line open. So you have to take into consideration the costs associated with getting a HELOC.

And most importantly, you are borrowing money. This is not a gift from your lender. In addition to paying back the entire amount that you borrow using a HELOC you’ll have to pay interest on the borrowed amount.

Depending on the person, this can be the right financial tool, to access your home’s equity if you know what you’re doing, but be very careful when you are considering getting a HELOC. Failure to repay a HELOC can have serious consequences.
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