A HELOC is a revolving line of credit that uses your property as collateral. The interest rate is adjustable. You can draw from your line of credit at the time you need it, and you only begin repaying your debt when you have a balance owed. You can pay off what you owe and then borrow more for your next phase or new project without reapplying. You may end up paying more for this financing option due to the adjustable interest rate attached, and you’ll have to pay back your debt in a shorter period than for a cash-out refinance or home equity loan.