Did you take out a home equity line of credit 10 years ago? If so, you're not alone. These loan products, better known as HELOCs, were popular in 2006 and 2007 as home values soared and homeowners looked to tap into their growing equity.
Homeowners who are looking for a short-term infusion of money might consider an interest-only second mortgage in the form of a home equity line of credit (HELOC). Although other types of interest-only mortgages have practically disappeared for all but the most affluent borrowers, many lenders still offer an interest-only option on HELOCs that middle-class homeowners can take advantage of.