Home Equity Line Of Credit (HELOC): Defined And Explained
Author:
Victoria ArajApr 10, 2024
•8-minute read
A house can be an important asset to have in your financial portfolio. However, because a house isn’t a bank account, its value can be hard to access when you need it the most.
Fortunately, you can capitalize on several options to convert your home’s value into cold, hard cash. One option is a home equity line of credit (HELOC), which allows you to borrow against the equity in your home.
Although Rocket MortgageⓇ doesn't offer HELOCs, we can explain how they work and compare them to other home equity options to help you decide whether a HELOC is right for you. Let’s go over everything you need to know.