Smart Ways to Use a Home Equity Line of Credit
With a home equity line of credit, or HELOC, the equity you’ve built in your home can be a convenient source of funds to help pay for nearly anything. But just because you can use your equity for, say, a wardrobe update, doesn’t mean you should — especially since your home will be used as collateral. Understanding what a HELOC is best used for (and what it’s not) can help you maintain financial well-being and stay on a path to reach your goals.