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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.

Like a HELOC, a home-equity loan uses the equity you’ve built up in your home.

From Seattle Times • Dec. 4, 2023

A home equity line of credit, or HELOC, provides more flexibility for large projects because you can draw on it as needed for up to about 10 years.

From Seattle Times • May 17, 2023

Once I open a HELOC, what’s the best way to go about making renovations?

From Slate • Oct. 21, 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