A home equity line of credit (HELOC) is much like a credit card. You apply for a line of credit and can draw money from the account when needed. For example, if you want to have $50,000 available, you do not need to pay interest on the entire $50,000 until you start borrowing from it. Some mortgage companies and banks may charge monthly fees or a fee each time you draw money out.
The interest rates for a Florida HELOC is much better than a credit card's rates. The HELOC interest you pay is also tax deductible. So if you plan on purchasing an expensive item such as a new car, you may want to look into a HELOC if you have trouble qualifying for a auto loan.
Be sure to compare costs and home equity line of credit rates from a few different banks and mortgage companies. The rates will depend on your personal credit score and financial history. The banks want to make sure you will be able to repay your loan. Realize if you do not repay your loan, the mortgage company can foreclose on your home.