There are two ways to use your home’s equity at Bluestone FCU: home equity loans and home equity lines of credit, also known as HELOC. They are both commonly referred to as a second mortgage. A home equity line of credit allows you to borrow money using your home’s equity as collateral. 

One of the most sensible ways to use your home’s equity is on a home improvement project as that will likely increase your home’s value as a return on the investment. 

Here are some other examples uses for a home equity loan:

• Debt consolidation

• Major life event or purchase

• Medical expenses

• Home improvement

• Expensive vehicle repairs