A HELOC is a revolving line of credit secured by your home. Once approved, you can disperse funds by writing a line of credit check. As you pay down your outstanding balance, that amount again becomes available to borrow. You get convenient financing with the potential for it to be tax deductible (please consult your tax adviser). A HELOC is commonly used for home improvements, debt consolidation, college tuition, and as a tool to manage unexpected expenses.