Tap your home equity line of credit before rates spike

NEW YORK: If you are one of the millions of Americans who took out a home equity line of credit (HELOC) in the midst of the housing bubble, there is a good chance you need to start paying it back soon -- and at a higher interest rate.

In pre-crisis years, banks aggressively marketed HELOCs to consumers, allowing homeowners to obtain them with little income verification and limited appraisals. They promised easy cash for banks and borrowers alike, requiring feasible interest-only payments that are often tax-deductible.