HELOCs, or Home Equity Lines of Credit, are revolving credit loans made to homeowners, and are secured by a mortgage on the property. Typically the liens of HELOCs are in a second position, that is, they are subordinated to the first mortgage on the property, which may be held by a different institution. HELOCs typically have a revolving credit feature which allows the borrower to borrow additional amounts over time, or to repay and reborrow. A securitization of HELOCs is likely to amortise more slowly than a securitization of home equity loans or residential mortgages.