Home Equity Line of Credit (HELOC), a flexible line of credit secured by borrower’s property, is a great option for meeting with many out of budget expenditures that an individual or a household has to bear in this period of recession and growing un-employment.

As its name implies, a HELOC or Home Equity Line of Credit essentially differs from the other forms of home loans, in that instead of receiving a lump sum upon loan approval, the borrower gets a revolving credit line which he can draw on should the need arise.

Even if you sometimes find it difficult to remember the meaning of some of the acronyms used in the world of banking, HELOC is one of those terms that might payoff to remember. These letters stand for Home Equity Line of Credit and are usually pronounced as if written “He Lock”.