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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.

With a 10-year HELOC, you are also facing current borrowing costs of roughly 8%, but they vary anywhere between 4.7% to 11.7% depending on the size of the loan and/or the borrower’s credit score.

From MarketWatch • Apr. 6, 2026

Should I make a large payment on my mortgage and assume I can always later take the money back out as a HELOC?

From Slate • Oct. 14, 2022

Alternatives to a HELOC: There are state and local programs that may assist with home repairs.

From Washington Post • Aug. 10, 2022

Walsh said Tandem Bank will allow homeowners to borrow up to 80% of the value of their home using a HELOC, but some lenders go all the way up to 95%.

From Seattle Times • Oct. 20, 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