Home Equity Line of Credit
/ˈhoʊm ɪˈkwɪti laɪn əv ˈkrɛdɪt/
Definitions
- (n.) A revolving credit facility secured by the borrower's home equity, allowing repeated borrowing up to a set limit.
She opened a home equity line of credit to fund home renovations.
Forms
- home equity line of credit
- home equity lines of credit
Related terms
See also
Commentary
Common in consumer finance law, HELOCs combine aspects of secured loans and revolving credit; clear terms about draw periods and repayment schedules are essential in drafts.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.