HELOCS off several benefits including:
Flexibility: you can borrow and repay funds during the draw period
Lower Interest Rates: HELOCs tend to have lower interest rates compared to credit cards and personal loans.
Tax Advantages: In some cases, the interest paid on a HELOC may be tax-deductible if the funds are used for home improvements. Consult a tax advisor regarding the deductibility of interest.
Versatility: you can use the funds for various purposes.
Easy Access: you can access the funds through checks, online transfers, or a debit card.