A Home Equity Line of Credit or HELOC is the process of using the equity in your home to get a secured line of credit. With a Home Equity Line of Credit, equity can be released to be utilized for any purpose. It may even be used to establish a fund for your kids’ educational needs or planning your investments.
The Home Equity Line of Credit simple to use as it is attached to your chequing account. You can access these funds through direct payment purchases using cash withdrawals, writing cheques or using your debit card. As well, your account can be linked to the telephone banking service, which is helpful as it ensures that your account information is always only a phone call away.