HELOC- Definition Please?
I have seen the term HELOC and I am unfamiliar with the term. I'm assuming it is "something" line of credit. Please explain. Also is there a place to go here on the site that explains some of the terms I've seen and are unfamiliar with?
Home equity line of credit
using the equity in your house like a credit card. The money sits there until your ready to use it, and when you use it, that's when you make a payment.
http://www.thecreativeinvestor.com/modules.php?name=Encyclopedia&op=list_content&eid=6
Well, DUH! Of course, I know what that is. I just couldn't figure it out from the shortened term. Now do I feel stupid!
Don't feel too bad. I read posts for the longest time with no idea what HELOC stood for: and I even have one