A Home Equity Line of Credit (HELOC) is a revolving credit line secured by your home’s equity. It works like a credit card—you can borrow, repay, and borrow again up to a set limit during the draw period. Payments usually cover interest first, then principal. After the draw phase, repayment shifts to principal and interest. A HELOC offers flexibility for expenses like renovations, education, or consolidating debt, but your home secures the loan.