Homeowners in need of financing for education, medical bills, renovations or other investments often consider using their home as collateral in securing credit. Two ways to do this are secured lines of credit and traditional second mortgages.

Home Equity Line of Credit Defined

A home equity line of credit is a revolving credit account secured against the homeowner's property. The lender uses a formula to determine how much credit they can extend to the homeowner, often by taking a percentage of the home's value and subtracting the amount still owing on the mortgage.

Applicants usually undergo a credit check and must show proof of income, assets and liabilities to prove to the lender their ability to repay the loan. Home equity lines of credit usually have an end date, at which time the borrower might apply for a loan renewal.

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