This can be interesting, as the loan terms on a HELOC are a bit different. While the loan can be at a fixed rate or a variable rate, their terms are different. Many times they have a draw period. For example, the HELOC I'm applying for now is a fixed rate loan (they often come in a variable interest rate as well), but I'm able to draw and use the line of credit for a period of 10 years. After that, the loan turns into a term loan. This means that any balance that I have left at that point will turn into a traditional loan with payments and interest, and I'll no longer be able to use the loan as a revolving line of credit. But I feel that ten years is a long time, so I'm perfectly fine with this.