LeoGlossary: Home Equity Line of Credit (HELOC)
7 mo (edited)
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A line of credit secured by the equity in a consumer's home. It can be used for home improvements, debt consolidation, and other major purchases. Interest paid on the loan is generally tax deductible (consult a tax advisor to be sure). The money may be accessed by writing checks against the line of credit or by getting a cash advance.
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