*Loan,banking and credit>>>credit line

What is home equity loan line of credit?

It's a credit line, similar to a credit card, that draws on your equity in your home. It's usually a high-limit amount, but you don't have to take it all in one lump sum; you just take it as you need it. It also usually has a significantly lower interest rate than things like credit cards.

They have different terms, or lengths that the credit line is open, but it's usually a matter of years. Usually, you can just pay the interest back in monthly installments, and anything that isn't paid back by a certain point is just re-factored into your home loan.

It's a way to use the equity you have built in your home to borrow money without having to take out a traditional loan.

Heloc is like a credit card. You can take money out of your home to pay such things like bills and stuff.
A method of borrowing in which a homeowner may borrow against home equity as needed using a checkbook or credit card. It differs from a standard loan in that the borrowing may be done over a period of time, preventing excess borrowing and limiting interest costs.
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it means that your house is the collateral in the loan
let's say you make an equity loan and you don't pay it back the bank can and will put a lean against your property. when its time to sell the bank will get their money first. not to mention your credit will suffer. It's a good thing to have don't abuse it