What is a “HELOC” (Home Equity Line of Credit)?

It’s a line of credit that you get using your property as collateral. When you use your property as collateral for the loan, you’ll typically get a lower rate than you would on an unsecured credit line.
You can charge it up and pay it down just like any other line of credit, allowing you to use your equity in your home for what you want, when you want it, without having to re-apply for a loan each time.