A Home Equity Line of Credit is a line a credit secured by your home as a second mortgage.  A HELOC allows you to borrower against the available equity (the difference between what is owed on your mortgage and your home’s current market value) of your home up to 90% of the current value.  As you repay your outstanding balance, the amount of available credit is replenished, much like a credit card.  A HELOC generally carry much lower interest rates than credit cards.  The funds from a HELOC can be used for many things such as, debt consolidation, home improvements, home additions, down payment for an investment property, starting a business and emergencies.