A Home Equity Line of Credit (HELOC) works as a revolving line of credit secured by the equity you have in your home. You can borrow up to a certain amount of money during a set period of time, known as the draw period, which typically lasts 10 years. During this time, you can withdraw funds as needed and pay interest only on the amount you’ve borrowed. After the draw period ends, you’ll enter a repayment period, typically lasting 20 years, during which you’ll make monthly payments on both the principal and interest.

To qualify for a Citizens Bank HELOC, you must have a minimum credit score of 680, a maximum loan-to-value (LTV) ratio of 80%, and a minimum annual income of $50,000. You must also own a primary residence or second home in one of the states where Citizens Bank operates, including Connecticut, Delaware, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, and Vermont.

Citizens Bank offers HELOCs ranging from $17,500 to $2 million, depending on your creditworthiness, income, and home equity. Your maximum borrowing amount will also be based on your LTV ratio, which is calculated by dividing the outstanding mortgage balance plus the amount you want to borrow by the appraised value of your home. For example, if your home is appraised at $500,000 and you have a mortgage balance of $300,000, your LTV ratio would be 60%.