Home Equity Loans and Lines of Credit 101 (HELOC)

A home equity loan is a loan secured by the equity in your house or apartment.

You can either take the proceeds as cash or use the loan as a line of credit to borrow money if and when you need it. 

A particularly advantageous type of loan for a person with increased expenes due to a medical condition is one which only requires payment of interest for a period of time, with an interest rate after that period of time locked in.

To learn what you need to know about home equity loans, see be.ow..

CAUTION:

• If you take out a home-equity loan and are unable to make the required repayments, you could lose your home. This could be particularly problematic if the loan has a variable interest rate and the interest rate rises to the extent that you cannot make monthly payments.
• Read the below section about avoid fraud. For instance, be wary of shady brokers and "too good to be true" offers.

For information, see:

• What Are Home Equity Loans and Lines of Credit?  
• How Do I Qualify For A Home Equity Loan Or Line Of Credit?
  
• How To Avoid Fraud When Seeking A Home Equity Loan Or Line Of Credit  
  
• Taxes And Home Equity Loans  
  
• Is A Home Equity Loan Right For Me? 
  
• Tips To Consider If You Do Take A Home-Equity Loan Or Credit Line
  
• What To Do If You Can't Afford The Payments On A Home Equity Loan 
  

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