Thinking about tapping into your home equity?
If youre looking for ways to finance a home renovation, consolidate debts (hello, student loans!
), or fund a big purchase, you might be on the right track.
There can be potential tax benefits, too.
So which option is right for you?
And how do a HELOC vs. home equity loan compare?
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What Is a Home Equity Loan?
Home equity loans are often used for home improvements, education costs, business investments, and more.
What Is a Home Equity Line of Credit (HELOC)?
To determine the best fit for you, first consider what youll be using the equity for.
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Think of it like having a low-interest credit card on your home.
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The majority of reverse mortgages are actually home equity conversion mortgages, or HECMs.
These arefederally insured mortgages, similar to home equity loans.
Should You Tap Into Your Home Equity?
Tapping into your home equity is a big decision one that should be considered carefully and responsibly.
Jen Smith is a staff writer at The Penny Hoarder.
She gives money-saving and debt-payoff tips on Instagram at @savingwithspunk.