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HELOC

American

[hee-lok] / ˈhi lɒk /

noun

Personal Finance.

home equity line of credit: a loan in which the borrower receives a line of credit, typically for a period of five to ten years, that can be drawn on as needed, using the equity in a home as collateral.

Etymology

Origin of HELOC

First recorded in 1960–65

Example Sentences

Examples are provided to illustrate real-world usage of words in context. Any opinions expressed do not reflect the views of Dictionary.com.

A home equity line of credit, or HELOC, provides more flexibility for large projects because you can draw on it as needed for up to about 10 years.

From Seattle Times • May 17, 2023

Given the caller’s situation, I wouldn’t recommend a HELOC.

From Washington Post • Aug. 10, 2022

These loans are typically smaller than the amount offered with a HELOC, but they will at least allow you to take care of the plumbing and mold.

From Slate • Jul. 2, 2022

Some people prefer a set amount they know they have to repay, like a one-time lump sum of a personal loan, Shen says, while others are fine with the revolving credit line of a HELOC.

From Seattle Times • Aug. 11, 2021

When you file a Chapter 7 bankruptcy, it terminates your liability on both the primary mortgage and the HELOC.

From Encyclopedia.com • Jun. 26, 2018

Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023