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Understanding Home Equity Loans

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June 16, 2015
Author: NCH

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A home equity loan is a loan backed by the value of the equity in your home. If your home is paid for, it can be used to generate funds from the entire value of your home. If your home has an existing mortgage, it can provide funds on the difference between the value of the house and the unpaid mortgage amount. Some home equity loans are set up as a revolving credit line from which you can draw the amount needed at any time.

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The interest on a home equity loan is tax deductible. As long as your home has appreciated in value, there will be a bank or mortgage broker who wants to loan you money in the form of either a home equity loan or line of credit right up to your credit limit.

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