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A home equity line of credit is a ‘revolving credit’, similar to a credit card in that you have a maximum limit that you are able to use, but that money can be used again as soon as it’s been paid off.  The major difference amoung a home equity line of credit and a credit card, however, is that home equity lines of credit are secured against your home.  whether you fall too far behind on your payments, the lender can take possession of your home in order to recover the debt.

Previously, home equity lines of credit were made available with special checks that allow consumers to access the money when needed.  A check could be written and deposited into your checking

detail, or used to pay a vendor or when shopping at your favorite retailer.  More recently, many lenders have started providing the home equity line of credit on a credit card.

While having a card in your wallet that accesses your home equity line of credit is convenient - it can additionally be extremely tempting for many folks.  whether you take a HELOC to invent improvements on your home, for example, and have more money than you need for the repairs, you may find yourself shopping for a new wardrobe with your HELOC credit card.  Think twice about doing that - is it really worth putting your home on the line for unnecessary purchases?

Orginal post by debbie