What is home equity and how do home equity loans work? What are the advantages of a home equity loan?
If you have the credit and income to qualify,
HELOC is a loan against the equity in your home.
Home worth…250,000
Mortgage…50,000
Equity…200,000
Lender will require an appraisal, most lenders will loan up to 75 percent of the equity, loan amortized over 30 years like any other, can be paid off at any time, Normally very low interest rate (Or at least in current market), No tax on it, Done in thirty days or less,
BE CAREFUL, I have been doing this for years…DO NOT OVERMORTGAGE/OVEREXTEND yourself and lose everything.