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Home Equity Line of Credit (HELOC)

Home Equity Line of Credit (HELOC)

A HELOC is a form of revolving credit , usually taken as a second mortgage, in which a home serves as collateral. Unlike a credit card, which is another type of revolving credit, at the end of the loan term on the HELOC, usually 10 to 20 years, the borrower has to repay any remaining balance in full.  A HELOC has an expiration date, a maximum limit, and a variable interest rate.

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