Q. My neighbor told me that the rules for home equity line of credits(HELOCs) have changed due to the new tax act and recent amendments. Have HELOCs been eliminated? Are previous HELOCs grandfathered?A. All existing mortgages as of 12/31/2017 are grandfathered but certain HELOCs are not. If the HELOC was obtained for purposes other than home improvements or other qualified purposes, the interest expense will no longer be deductible.