Obtain a Home Equity Line of Credit (HELOC), now instead of later.

A Home Equity Line of Credit is a loan in which the lender agrees to lend a maximum amount within an agreed period where the collateral is the borrower’s equity in his/her house. A HELOC differs from a conventional home equity loan in that the borrower is not advanced the entire sum up front, but uses the line of credit to borrow sums that total no more than the amount, similar to a credit card. You may presently qualify for a HELOC but you may not qualify in the future when you need it. Therefore, you may want to get the line of credit established now.