Home Equity Loan Vs Mortgage For Second Home Refinance Cash Out Calculator Heloc For Rental Property What is a home equity line of credit? A U.S. Bank Home Equity Line of Credit, or HELOC, lets the equity you’ve built in your home work harder for you. By borrowing funds against your home’s equity when you need it, a HELOC can be ideal whether you’re paying for a major expense or simply want to have quick access to emergency funds.If you’re looking to do a mortgage refinance to pay off debt, there’s a lot to consider. Here are 6 critical things you need to know before before. So, before you start filling out the paperwork.