The following content is created in partnership with Citizens. It does not reflect the work or opinions of NECN's editorial staff. Click here to learn about Citizens.

Being a homeowner goes beyond owning a set of keys. It means that you now, quite literally, have a place in the world. You might feel a sense of pride when looking back at your achievements—be it landing that promotion, finishing that degree, or getting that car you were dreaming about—but few things compare to the feeling of having your own place and getting closer to paying off your mortgage.

But after achieving this and settling in your own space, you might be asking yourself about next steps. After making a considerable investment in you and your family’s future, it might be challenging to think about upcoming short- and long-term goals. Be it that you want to finish the basement to get the extra space you’ve been dreaming of, install a new roof, or maybe you need the extra support to help with a new baby, your home can actually help you fund these goals.

Putting your house to work

Owning a home comes with both perks and responsibilities. You’re the one who decides when and what to renovate and how you want it to look. When you start putting money into your home, you’re impacting its value. By raising your home’s equity, you’re investing in you and your family’s future.

But besides not dealing with a landlord, there’s an additional benefit to being a homeowner: You can actually leverage your home when you need an influx of cash. Instead of tapping into your savings, looking for other loan options, or using a credit card with a high interest rate, your home may hold the key to your next goal.

If you’ve already made a dent in your mortgage, have some upcoming expenses, and are looking for a flexible way to cover them, a Home Equity Line of Credit, or HELOC, might be a savvy alternative over more traditional financing options.

Join Sara Gore as she discovers how her home can help her reach new goals.

But what is a HELOC?

A HELOC is a financial tool that lets you borrow money based on your home’s value. The more of your home’s equity that you own—that is, the current market value of your home minus the down payment and how much of your mortgage you’ve paid—the higher the amount of cash you’ll have access to with a lower interest rate.

In typical loans, you receive the full amount of the loan at once (and have to pay it back with fixed, regular payments over time). With a line of credit, you gain some flexibility: Once approved, you get to choose how much you want to borrow, can do so multiple times and there’s no fixed repayment schedule, only a repayment date.

Learn how you can turn your home into a powerful financial tool.

What this financial tool can do for you

As its name implies, HELOCs work like an additional line of credit that uses your home’s value to determine how much money you can have access to. Instead of tapping into your savings, you can get this low-interest rate financial tool to fund your and your families’ goals.

One of the major benefits of a HELOC is the flexibility it offers. Though its name might make you think you can only use it to finance your home renovations or improvements, you have the power to use it for many of your wants, needs, or wishes. You can decide how much money you draw from your approved line of credit, when you want to: A new degree, a new car, and yes, even seeing your dream kitchen come to life.

A Citizens HELOC can help homeowners make their investment a powerhouse. Click here to learn more about how they can help you fund your goals.

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