What are the terms of a HELOC

A HELOC can be taken out on Primary and Secondary Homes for up to 90% of your home’s value (loan to value). These accounts have a 20 year term. There is a 5 year draw period where you will pay only interest each month followed by a 15 year repayment period of any balance. The interest rate is variable based on credit score and loan to value. Fixed rate balance options are also available.