HELoan

A HELoan is short for Home Equity Loan—it's a type of loan that allows you to borrow a lump sum of money using the equity in your home as collateral.

What is a HELoan (Home Equity Loan)?

A fixed-term, lump-sum loan based on the equity you've built in your home
You receive all the funds at once and repay them over time in fixed monthly payments
Often referred to as a "second mortgage"

Key Features

Loan Amount- Based on your home’s equity (often 80–90% of your home's value minus what you owe on your mortgage)
Term- Usually 5–30 years
Interest Rate- Fixed—your rate and monthly payment stay the same
Collateral- Your home secures the loan
One-time disbursement- You get a single lump sum upfront

Common Uses

Home renovations or repairs
Major medical bills
Education expenses
Debt consolidation
Large purchases

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