Before you borrow with a HELOC, make sure you know the risks of maxing out your line of credit. Getty Images/iStockphoto

Today's record-high home equity levels have made home equity lines of credit (HELOCs) an especially attractive option right now for everything from home improvements to debt consolidation. And as high inflation continues to put pressure on household budgets, more homeowners are using these borrowing tools to cover expenses or create a financial cushion for emergencies.

But while HELOCs can be a useful and flexible tool, they come with some risks. And, because these lines of credit function more like a credit card than a lump-sum loan, allowing you to borrow repeatedly during the draw period (up to the HELOC limit), homeowners may want to be aware of

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