If you’ve built up equity in your home and you’d like to have flexible access to borrow a large sum of money, then a HELOC might be a great option for you. HELOCs can be used for all kinds of expenses, such as ongoing home improvements or other investments, or can even be used as an emergency needs fund. Because they’re secured by your home, you may be able to access more money at lower interest rates than with a credit card or personal loan. Unlike with a HELoan, which is delivered as a single large lump sum up front, you only pay interest on what you draw from your HELOC, and you can even choose to make interest-only payments² for the first 10 years of your HELOC’s life.