Use this post to explain to your contacts how a home equity line of credit (HELOC) works. This piece covers the pros and cons, and is a good example of one more reason home ownership is a smart financial move.
- What’s a HELOC?
- The pros and cons of a home equity line of credit
- When does a home equity line of credit make sense?
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Have a major expense coming up? Not sure how much you might need, but suspect it’ll be big? Learn about the power of a home equity line of credit (HELOC).
From the post:
“A home equity line of credit (HELOC) is a useful way to access the equity in your home. Unlike a home equity loan (HEL), the HELOC operates more like a credit card. Rather than draw a fixed amount at one time, you’re able to draw on the line as-needed. Like a credit card, though, a HELOC can be risky. Since your home secures the line of credit, a failure to keep up with the payments can put your home on the line.”
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