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Definitions of HELOC

• Home Equity Line of Credit, also known as 2nd mortgage or more simply "a 2nd" or "line of credit"
• An acronym standing for home equity line of credit is not a mortgage but a line of credit that one owes nothing on unless it is used. When used it is most often a simple interest loan. That means that interest is charged on the principle balance owed that day. There is not a fixed payment, just a minimum payment much like a credit card.