Equity Line of Credit
A home equity line of credit, or HELOC, is an approval for a maximum amount from which you can borrow what you need. So if the need arises, you can borrow multiple times up to the maximum amount that you have been approved for. Small or minimum payments are acceptable early in the agreement, although you would eventually need to make full payments to pay off the balance of the loan. This is the most flexible option, giving you complete control over your loan balance and your interest costs.
Another alternative available through Financialworks that we recommend to some qualified clients is the equity loan Visa (ELV) which is a solution that converts your home equity line-of-credit into the form of a Visa. The card essentially acts as a mortgage leveraged on your home equity for you to use as you see fit. You can consolidate debts, or use that equity for home improvement to reinvest in the value of your home.