How to tap your home equity without selling

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A HELOC (home equity line of credit) lets you borrow against the equity in your home without selling. It works like a credit line you can tap into for expenses like home improvements, tuition or debt consolidation.

But there are risks: most HELOCs have variable interest rates, meaning your payments can increase over time, and because your home is used as collateral, missed payments could put it at risk.

Bankrate’s Linda Bell explains how HELOCs work and what to consider before tapping your home equity.

For more resources, head to https://bit.ly/4vkbRM2
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