A home equity line of credit or HELOC is a 7 year line of credit that provides you the flexibility to use the funds as needed. You may borrow up to 80% of the value of your home.
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A home equity loan is a close-ended loan that provides a lump sum of money with a fixed interest rate. You may borrow anywhere from $7,500 to 80% the value of your home with a term ranging from 5 to 10 years.
If you’re a home owner with good credit standing, you can use your home as collateral to pay for whatever comes your way. Pay off high interest rate credit cards, medical bills or fund your children's college expenses with a home equity loan at Abbey Credit Union.
HUD on homes: If anyone knows the ins and outs of home buying, it's the Department of Housing and Urban Development (HUD).