home equity line of credit

noun

plural home equity lines of credit

: a line of credit extended to a homeowner who uses their home as collateral

A home equity line of credit, also known as a HELOC, is a revolving line of credit that's secured by the equity in your home.

—Annetta Derricotte

Home equity lines of credit (HELOCs) are an option for disciplined borrowers who want to take advantage of the inherent wealth of their homes.

—Allison Martin

called also HELOC

Word History

First Known Use

1983, in the meaning defined above

Rhymes for home equity line of credit

• accredit
• discredit
• noncredit
• dedit
• edit
• microcredit

Legal Definition

home equity line of credit

variants also home equity line

: a line of credit extended to a homeowner who uses their home as collateral