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home equity line of credit vs home equity loan

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Many people consider using their home equity to finance large financial needs, but mortgage industry jargon has confused the meaning of certain terms – including second mortgage home equity loan and home equity line of credit (HELOC). A second loan, or mortgage, against your house will either be a home equity loan, which is a lump-sum loan.

 · Under the Tax Cuts and Jobs Act of 2017, borrowers can deduct the interest paid on HELOCs and home equity loans if they use the funds to buy, build or improve the home.

Like many types of loans that were easy to get years ago during the housing crisis, home equity loans and other loans to cash out on equity in rental properties were relatively easy to get.

Q. I don’t get it. When people own their home, wouldn’t it be more advisable to get a home equity line of credit or loan than a reverse mortgage? At least a HELOC is low interest (right now) and tax.

A home equity line of credit, or HELOC, is an ongoing line of credit that’s backed by your home’s equity – think of it a bit like a credit card. Your bank will authorize a certain dollar amount (similar to a credit card’s credit limit) and period of time during which you can access the line of credit, known as the draw period.

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Dreams, meet plans. Use your home’s equity to get started. With a home equity loan or home equity line of credit, you can borrow against the equity in your home to pay for a variety of expenses.

Best for Seniors-Chase. A home equity line of credit is a good option for seniors who want another source of income after they retire. Chase’s HELOCs have good rates, and the company offers several advantages that may help those living on a fixed income.

TopLine Home Equity Financing You’ve put a lot into your home. Now get more out of it. A home equity line of credit or loan from topline federal credit Union may be the perfect way to pay for those wish list items you’ve been dreaming about.