HELOC – A home equity line of credit has many advantages, and will allow you access the available equity in your home as you need it. It is essentially a cross between a line of credit and a second mortgage and gives you the flexibility to access your home’s equity a little at a time, or all at once at competitive interest rates. You will have access to your funds through an account and just like a credit card, you only pay interest on credit being used. Some lenders offer global limits that allow your credit limit to increase AS your principal is being paid down. Talk about flexibility?