A credit line secured against your home equity.
A home equity line of credit lets you draw against the equity in your home during a draw period, usually ten years, then repay over a repayment period.
The rate is almost always variable and set as prime plus a margin, so the payment moves whenever the Federal Reserve moves.
It is cheaper than a card because the house is collateral — which is also exactly the risk: missed payments put the home itself in play.
With prime at 6.75%, a HELOC priced at prime plus one point costs about 7.75% — roughly $323 a month in interest alone on a $50,000 draw.
See the prime rate page