Home Equity Line of Credit is an “open end” line of credit that allows you to borrow repeatedly against your home equity. A HELOC lets you borrow money using the available equity in your home, which is the value of your home minus the amount you owe on your mortgage. With a HELOC, you can generally spend up to your credit limit anytime during the borrowing period, also called the “draw period.” After the draw period ends, you stop being able to borrow from your HELOC and enter the “repayment period.”