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A Home Equity Line of Credit (HELOC) is one of the most common ways to borrow money against the value of your home. It is similar to a credit card in that you can use it to buy things that you need now, and repay it with interest at a later time. Obtaining a HELOC requires (among other factors) that you have reasonable equity in your home.
For many people, one of the benefits of homeownership is having the opportunity to use their home equity to access needed cash. While there are many options to get that money into the piggy bank, an attractive option for many is a cash-out refinance.