When you borrow money, you’ll also pay interest on top of the amount you borrowed.. Interest is the money the lender gets for loaning you the money. Read Next: 5 Subtly Genius Moves All Wealthy People ...

HELOCs, or home equity lines of credit, give homeowners a way to leverage the growing value of their house for anything from renovations to college tuition — and enjoy 10 years of interest-only ...

Home equity is the portion of a house that the homeowner holds outright — the difference between the house's value and the total amount they owe on the home. As their equity increases, homeowners can ...

Angelica Leicht is the senior editor for the Managing Your Money section for CBSNews.com, where she writes and edits articles on a range of personal finance topics. Angelica previously held editing ...