A HELOC is a revolving credit line secured by your home. The contract sets its draw period, repayment period, rate and fees. A ten-year draw and ten-to-twenty-year repayment period are examples, not universal terms; use the actual agreement.
Loan Products
HELOC (home equity line of credit)
A revolving credit line secured by your home's equity — flexible, but the rate usually isn't fixed.
By Lighthouse Companies, LLC · Updated · 2 min readLighthouse provides educational information, not a personal loan quote, lending decision, or legal or financial advice. Verify the figures against your documents and ask your lender, servicer, or a qualified professional about your circumstances.