If you need to borrow money, home equity lines may be one useful source
of credit. Initially at least, they may provide you with large amounts
of cash at relatively low interest rates and they may provide you with
certain tax advantages unavailable with other kinds of loans. (Check
with your tax advisor for details.)
Remember too, there are other ways to borrow money from a lending
institution. For example, you may want to explore second mortgage
installment loans. Although these plans also place an additional
mortgage on your home, second mortgage money usually is loaned in a lump
sum, rather than in a series of advances made available by writing
checks on an account. Also, second mortgages usually have fixed interest
rates and fixed payment amounts.
To find out more about a second mortgage, interest rates or refinancing,
please go to one of our information pages listed above.