A HELOC can be a great way to finance home renovations or repairs, but there are other good uses to consider, too.
If you're a homeowner, you may have built up significant equity in your home over the years as your mortgage balance decreased and your property value increased. After all, the average homeowner has a lot of home equity to tap into right now, and a home equity line of credit could be the right option for doing so. Rather than offering a lump sum of cash, a HELOC works like a credit card, allowing you to access funds up to your pre-approved credit limit as needed.
You could then list it as a short-term vacation rental and recoup what you paid to build it. To pay for education Paying for your children's college tuition or pursuing an advanced degree yourself can get very expensive. But a HELOC is one way to cover education costs beyond what's available through student loans, grants and savings.
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