HELOC Example (60 secs)

Here's how HELOCs work (Home Equity Line of Credit) in only 60 seconds. This is a tool you use when:
1) You want to access equity from your home
2) You don't want to refinance out of your current mortgage (because your mortgage rate is lower than the rate currently available)
3) You may not need the extra money for a while - but you want the money available to you