Many homeowners take out loans against their homes to use as they need it.
These loans, or lines of credit (HELOCs) are usually offered with very low, adjustable interest rates, or even interest-only payments, making them even more attractive.
However, the terms for most of these loans have an end date: A time when the interest rates rise or the minimum payments increase to include principal as well as interest.
Most don’t take out the full credit line all at once.
They use it […]