Should you pay off your mortgage with a HELOC?

A home equity line of credit (HELOC) can be an attractive option for homeowners who want to access a flexible, low-cost line of credit. Some homeowners use HELOCs to cover financial emergencies and big-ticket items; others consolidate debt to make the balances more manageable. But what about using a HELOC to pay off your mortgage faster and enjoy lower monthly payments? Is it a good idea? Learn more: What can you use a HELOC for? What is a HELOC? A HELOC works like a credit card. It’s a revolving line ...