Helocs allow borrowers to withdraw equity from their homes to spend on renovations and other expenses. There is often a 10-year period during which the borrower can tap the credit line and make minimum payments of interest only.
That 10-year period is soon coming to an end for millions of borrowers whose monthly payments are set to spike once required principal payments kick in. Delinquencies are already starting to rise.
Read more from the Wall Street Journal below!