$30,000 Home Equity Line Of Credit - Definition

A $30,000 home equity line of credit is an open-ended loan, paid as revolving debt, that is backed by the portion of the home's value that the borrower owns outright. Interest paid on a home equity line of credit is usually tax deductible. The rates quoted on Bankrate are based on a $30,000 revolving, open-ended line of credit that will not result in a loan-to-value ratio of less than 80 percent.