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Home Equity Line of Credit (HELOC) is a type of loan in which the borrower uses the equity in their home as collateral. These loans are sometimes useful for families to help finance major home repairs, medical bills or college education. A home equity loan creates a lien against the borrower's house, and reduces actual home equity.

Home equity loans are most commonly second position liens (second trust deed), although they can be held in first or, less commonly, third position. Some home equity loans require good to excellent credit, and reasonable loan-to-value and combined loan-to-value ratios. Home equity loans come in two types, closed end and open end.

It is sometimes possible to deduct home equity loan interest on one's personal income taxes. Typically, the interest rate is based on the Prime rate.
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