Home Equity Line Of Credit
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Definition
What does HELOC mean?
- Home equity line of credit
- A home equity line of credit is a loan in which the lender agrees to lend a maximum amount within an agreed period, where the collateral is the borrower's equity in his/her house. Because a home often is a consumer's most valuable asset, many homeowners use home equity credit lines only for major items, such as education, home improvements, or medical bills, and choose not to use them for day-to-day expenses. HELOC abuse is often cited as one cause of the subprime mortgage crisis.
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Use the citation below to add this abbreviation to your bibliography:
"HELOC." Abbreviations.com. STANDS4 LLC, 2021. Web. 11 Apr. 2021. <https://www.abbreviations.com/term/112633>.
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