Do you have kids heading to college? You may consider a Home Equity line of credit (HELOC) that provides a source of funds that you can draw on as needed. Our HELOC provides you with a 7-year draw period, and an 8-year repayment period for a total of 15 years. It’s a variable-rate loan where the rate is subject to change every quarter. The amount borrowed depends on income, credit history, and the market value of your home.