Heloc Cash Out – For all the same reasons you would take a cash out refi but keep your low Mortgage Interest Rate loan. Where as a Cash-Out Refi loan would refinance the old loan into a new with the currant interest rate. Uses for Heloc cash out line of credit from the equity in your home. Pay off debt, pay off vehicles, pay off credit cards. Use as you need it.

 A home equity line of credit (HELOC) or also known as ( Heloc cash Out line of credit ). a type of mortgage that allows homeowners to borrow money against the equity they’ve built in their home. A HELOC will take the form of a second mortgage unless you’ve paid off your first mortgage completely. They function similarly to credit cards in that you’re able to access and utilize the funds as you choose – up to a certain limit and within a certain time frame.