Whether the purpose is home improvement, debt consolidation or vacation, a home equity line of credit may be the most flexible and convenient way to borrow money. A revolving line of credit is established based on the equity in your home and your ability to repay. You can access the money online, by check, or by phone. The money available on the line of credit can be accessed and repaid multiple times without having to reapply for a loan. A minimum monthly payment would be determined based upon the outstanding balance each month. The interest you pay may be tax deductible. (Please consult your tax advisor.)