Study reveals generational divide in HELOC use

Most of the time, when a homeowner takes out a HELOC, the plan is to use the proceeds to fund home renovations. But a recent survey of 1,003 HELOC or future HELOC borrowers by Citizens Bank revealed that younger borrowers are much more open to using the loan for things other than home renovation, shedding light on a generational divide in the way homeowners utilize their home equity.