HELOC (Home Equity Line of Credit)

A HELOC works like a credit card secured by your home: you're approved for a credit limit (based on available equity) and can draw on it repeatedly during the draw period, usually 5–10 years. You pay interest only on the balance you've drawn. After the draw period ends, the HELOC enters repayment — the remaining balance amortizes on a fixed schedule.

HELOCs have variable rates tied to the prime rate and are typically cheaper to set up than a cash-out refinance. They're popular for renovations, education, and investment opportunities that benefit from flexible access to equity.

Why it matters for Milo customers

A traditional HELOC requires home equity and income qualification. A Milo crypto-backed loan offers similar revolving-style liquidity using crypto instead of home equity — useful for crypto holders without significant real estate yet.

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