What are the advantages of a home equity loan, and what, if any, are the disadvantages?
What will be an ideal response?
Answer: It is usually easier and less expensive to obtain a home equity loan than other types of loans. After securing a home equity line of credit, you merely ask for the money each time you need some, without reapplying for it. The interest you pay is usually a tax deduction, within income limitations. The one major disadvantage is that you place a lien on your home.
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