Hack Home Equity Line Credit Requirements Like a Pro

A HELOC can offer several financial benefits, including:

- **Flexible Access to Funds**: Use funds as needed over the draw period, typically 5-10 years, without reapplying for a new loan each time.

- **Interest-Only Payments**: During the draw period, you might only need to pay interest on the amount borrowed, which can lower monthly payments.

- **Tax Deductions**: Interest paid on a HELOC may be tax-deductible if the funds are used for home improvements, though it's important to consult with a tax advisor for specifics⁴.