My wife and I have always tried to be as diligent as possible about saving up for anticipated expenses or needs for our home, but as we all know, sometimes the unexpected arises.

When we moved into our home two years ago, we knew it would need a new roof sooner rather than later, so we began to set aside money. We were hoping to replace the roof in another year or two when a severe storm hit, damaging most of the roof and forcing us to get it repaired immediately.

We were thankful that insurance covered some of this expense, but when our savings was not enough to cover the remaining invoice, we felt fortunate to have a home equity line of credit in place at INB.

A Home Equity Line of Credit, also called HELOC, allows you to borrow against the equity you already have in your home – or in other words, re-borrow the principal that you have already paid off on your primary mortgage.

Home equity lines enable you to put your home equity to work for you to pay for expenses like debt consolidation or make home improvements – or repairs, as in our family’s case – and more. A home equity line of credit differs from a closed-end mortgage loan, because the credit line is revolving, like a credit card — meaning that once you pay down your balance, you can borrow it again, up to your available credit limit.

At INB, you can apply for a home equity line of credit when you purchase your home or refinance your existing mortgage, or at any point in your home ownership journey.

Your home equity line of credit can be used for anything you want, or simply for peace of mind. Knowing that my family’s home equity line was in place helped to assure me, knowing the money was available if I needed it on short notice. And when the unexpected storm hit our neighborhood, we were relieved to be able to quickly replace our damaged roof, thanks to having a home equity loan already approved and in place.

INB offers flexible terms and competitive interest rates on home equity lines of credit, and the interest may even be tax-deductible, but you’ll need to consult your tax advisor to be sure. Begin the application process for a home equity line of credit.