Home Equity Lines

Home equity loans and lines of credit are versatile tools for taking control of your finances and making the most of the equity you've built in your home.

Ways to use home equity lines of credit

1. Reduce monthly payments by consolidating debts on credit cards and other consumer loans, lowering the interest rate, and exchanging compound interest for simple interest.

2. Reduce your tax burden by exchanging nondeductible interest (such as interest on credit cards and car loans) for loan interest that may be fully tax deductible (see your tax advisor for complete details).

3. Get better terms or on a second home purchase by using a home equity as part of your down payment.

4. Get cash for investment opportunities, unexpected purchases or emergencies as they come up.

5. Take cash for a specific reason, such as remodeling, college tuition, a new car, or a vacation.

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