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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.

Home equity line of credit, or HELOC, rates are variable, while home equity loan rates are fixed.

From Seattle Times • Mar. 1, 2023

It seems to me that the best option is a HELOC, however, I’m not sure how to go about finding one.

From Slate • Oct. 21, 2022

As a safeguard, Wolfe applied for a HELOC, a home equity line of credit.

From Seattle Times • Jul. 1, 2022

Walsh said Tandem Bank will allow homeowners to borrow up to 80 percent of the value of their home using a HELOC, but some lenders go all the way up to 95 percent.

From Washington Post • Oct. 4, 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