Calumet Bank offers a home equity line of credit (HELOC) up to 90% of the value of your  home.

There are no closing costs for you to pay. Since your property is being used as collateral, interest paid on the HELOC may be tax deductible. The consumer should consult a tax adviser for further information regarding the deductibility of interest and charges.

Once the line is established, you make monthly, interest only payments for ten years. The benefit of the equity line is that you can use and reuse the money over the life of the loan. So once you pay it down, you have available credit to use again. Your interest payment will adjust monthly based on the amount you have drawn off the line of credit.