I hate borrowing money. Of course, I’ve had a mortgage with each home I’ve owned, doesn’t everyone? My most recent home required a complete remodel, inside and out. I just wasn’t in a position to do what needed to be done without some financial help. Someone suggested a Home Equity Line of Credit (HELOC). I had always heard about them, but wasn’t quite sure how they worked. This HELOC would make funds available to me, as I needed it, up to a pre-approved amount. The beauty of this type of loan is that I will pay interest only on the money I actually use. Fortunately for me, my original mortgage is low, so my HELOC limit would be more than enough to allow me to complete my remodel at an interest rate much lower than my original loan. I was able to finish the remodel with plenty of money remaining for a rainy day. They say, “It never rains in California.” For now, the HELOC has served me well, with rates still low in this economy. As they move up, it may be time to refinance, but I’ll deal with that when the time comes.