Use past mortgage payments as collateral backing for a revolving line of credit. Use the line for practically anything — unexpected car repairs, much-needed family vacations, home remodel projects, and more.
Unlike a loan, a line of credit is readily available — you apply for the line once, then draw on it as you need it. Plus, you only pay interest on the amount used, and the interest you pay might be tax deductible.*
What is a HELOC?
Home Equity Early Disclosure
*Consult a tax advisor