A home equity line of credit (HELOC) can be a credit nightmare or a credit dream, depending on how you use it.
Tapping into home equity to fund expenses such as debt consolidation, home improvements, and education is now more accessible. In the past year, the average amount of homeowner equity increased to over $200,000, according to the Homeowner Equity Insights report by housing data firm CoreLogic.
This lending product uses your homes value to back a line of credit that can be paid off over…
Read the full article at: https://time.com/nextadvisor/loans/home-equity/how-does-a-heloc-affect-your-credit-score/