What is a HELOC and how does it work?

A HELOC, or home equity line of credit, lets you borrow against your home's equity as a revolving line — draw what you need, repay, and draw again during the draw period. You pay interest only on what you use.

Florida owners use HELOCs for renovations, emergencies, or to avoid touching a low first-mortgage rate. Rates are usually variable. We'll compare a HELOC against a cash-out refinance so you pick the cheaper way to tap equity.

Related Home Equity Questions