Took Out a HELOC Last Year? Suze Orman Has These Words of Warning

Took Out a HELOC Last Year? Suze Orman Has These Words of Warning

There's a reason so many homeowners have borrowed money via a HELOC, or home equity line of credit, over the past year or so. A HELOC differs from a traditional loan in that you don't necessarily borrow the full sum you're eligible for at once. Rather, with a HELOC, you get access to a line of credit you can draw from as needed within a specified time frame -- usually five to 10 years.