A home equity loan allows a homeowner to borrow money by leveraging the amount of money they have invested into owning their home(also called equity). A home equity loan can be used for a variety of purposes such as consolidation of debt, a child's wedding or college tuition, home improvement, or medical bills and most home equity loans are tax dedeuctible! A home equity loan can be either in the form of a fixed rate mortgage or an adjustable rate mortgage and can be acquired in a lump sum or used as a revolving line of credit.

Home equity loans are offered by most lending institutions ans are also called second mortgages.To find out more about how a home equity loan can eliminate your financial problems follow the links on this page.