HELOC: Help me understand how to use a HELOC

[Daniel Mendez]

Good afternoon BP,

So I am trying to purchase my first investment property this year!

Unfortunately, I don’t have the cash needed to put down for an investment property.

However, I have acquired massive equity in my current primary home.

People talk about using a HELOC to invest in your second property.

My questions to you are the following:

1) How does a HELOC work?

2) Once I take the money when do I have to pay it back?

3) Does the HELOC get added to my current loan? Or does it become a new loan?

4) what are some way to pay off that HELOC loan right away?

I apologize if this is a dumb question but I can't seem to grasp how I can take advantage of the HELOC for my home.