By Emma Patch
From Kiplinger’s Personal Finance
For the nearly two-thirds of Americans who own a home, tapping into home equity can be an affordable and flexible way to borrow money.
One way to do that is through a home equity line of credit or HELOC.
HELOCs allow homeowners to borrow from their home equity during the draw period, which typically lasts for up to 10 years. During that time, borrowers can often make interest-only payments. Or you may choose to pay principal at any time or agree with the lender to make a minimum principal payment during the draw period….