Home Equity Line Of Credit Definition
Home Equity Line Of Credit is a loan in which the owner of the property borrows against home equity. The collateral of the credit is the borrower's equity in the house. This method of borrowing is usually used for major items, such as education, home improvements, or medical bills. The borrowing may be done over a period of time via checkbook or credit card. The maximum amount of the credit is set by the lender for the agreed period.