A HELOC, or home equity line of credit, is a financing tool that lets you borrow money from your home equity (that’s your home’s value minus your current mortgage balance). Your HELOC lender turns a portion of your home equity into a credit line. This functions much like a credit card, allowing you to withdraw money over an extended period of time — often 10 years — up to a maximum limit. During that timeframe, called the draw period, you can withdraw money, spend it, and repay it as many times as you l ...