The M&T CHOICEquity Account is secured by your home and turns your home's equity into a line of credit you can use for virtually any purpose. Use as much or as little of your line as you need – for home improvements, debt consolidation, education expenses or other major purchases such as a car or even a vacation. With M&T CHOICEquity, you can use your account as a revolving line of credit for 10 years, known as the draw period. Then take up to 20 years to pay off any outstanding balance (repayment period) Convert some or all of your balance to a fixed-rate loan within your CHOICEquity Account – select a loan term from 1 to 25 years choose to have as many as 3 fixed rate loans, in addition to your line of credit, at any time decide how you'll make your payments – interest-only or principal and interest payments – while you're using your line of credit during the draw period