Typically yes. You can take additional draws up to the limit during your draw period. You can even pay it back and take another draw if you want. How ling your draw period is varies but is usually 3, 5, or 10 years.

Thanks everyone! How is my home's real value determined? Does it need to be inspected, or do they base it of Zillow or something? The interest rate we're look at is less then our car loan, and credit cards, so it's looking like it would be a good deal. We also need to make a few fixes to our house.

Don't get a HELOC. Thats all you need to know about them.

I think it’s about 25% of your equity

Most banks will lend up to 85% of the value, as long as it’s not already being held as collateral on another loan (mortgage). They’re required to have an appraisal done on the property unless one was done already within the year. So for example: value of the home is 500,000. 85% would be 425,000 to borrow against. If you already have a mortgage out for say, 300,000, then your HELOC could be up to 125,000. There are a lot of other factors involved after that also, tho. (1/3)

A HELOC is a line of credit. You can use it up to the amount you’re approved for. You can withdraw a lower amount now, and more later. There is typically a period of time for withdrawal (maybe 10 years or so) and then a repayment period.

It's like a credit card.