HELOCs are changing — and some homeowners may not like the new rules

For years, a home equity line of credit (HELOC) was one of the most flexible borrowing tools available to homeowners. You could open a HELOC and draw from it as needed — only paying interest on the outstanding balance. That flexibility has been disappearing over the past few years, however. As new lenders enter the HELOC market, many now require borrowers to withdraw a large portion of their credit line up front. If you’re shopping for a HELOC today, it’s more important than ever to understand how these c ...