Home Equity Line Of Credit (HELOC)

Also called a Home Equity Loan, this is a credit account secured by the equity in a person’s primary residence. HELOCs can be used for numerous purposes such as renovations, debt consolidation, reverse mortgages (CHIP) or Insured Home Income Plans (IHIP) . (See also “Reverse Mortgages” and “Insured Home Income Plans”.)