If you need access to cash and have gained a significant chunk of equity in your home, you’re in luck: You can use a home equity line of credit (HELOC) to tap your equity and use the money to pay for whatever you want, from home improvements to college courses. However, you must meet specific criteria to get approved for a HELOC. Here’s what to know about how to qualify and apply for a HELOC. What is a HELOC, and how does it work? A HELOC, or home equity line of credit, is a type of second mortgage, so ...