A Home Equity Line of Credit (HELOC) is secured by the equity in your home. A HELOC works like any other revolving line of credit, and is very similar to a credit card—but a lot less expensive and may be tax deductible. It's flexible which allows a homeowner to write checks against the equity in your home as you need it. With a HELOC you have the option to pay interest only, or repay principal and interest; it’s your choice. There are no annual fees to maintain your line of credit, and there are no charges for unused lines. Use all or any part of your line when you need it. More...