HELOC seems to be a rip off

[Tyco Bronye]

I took out a HELOC for my house a few years ago and never used it. Today I called the bank up to verify how the interest works because I wanted to use 3,000 dollars. I assumed my 5 percent rate of interest was by the year but when I called they told me it was by the month. 5 percent of 3,ooo is $150.00 You keep paying interest until the principal of 3k is paid off. That means if I paid this all off in one year (12 months) I would end up paying 150 x 12 = 1800 dollars would be 60 percent "annual percentage rate"

Plus I have my home at risk because it's collateral. 

I'm never been a person who uses credit cards when I heard those 25 percent interest rates I assumed that meant per year. 

Is this how HELOC's work?

[Cal C.]

Call the bank and speak to someone else.  As stated this guy/gal is a doofus.