Home equity loans and home equity lines of credit (HELOCs) allow homeowners to tap into the value of their homes. A home ...

Home equity loans and home equity lines of credit (HELOCs) allow homeowners to tap into the value of their homes. A home ...

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Find out how affordable your home equity borrowing options could be today.

Home equity lines of credit allow homeowners to unlock the financial power of their home’s equity to make home improvements, consolidate higher-cost debt or fund educational pursuits.

A home equity line of credit (HELOC) allows you to tap your home's equity for things you need and things you want. Read more about it here.

October 29, 2024 — 05:25 pm EDT Written by SmartAsset Team for SmartAsset -> A home equity line of credit (HELOC) can be a valuable tool for homeowners looking to leverage the equity in their homes.

To illustrate, if your home is worth $500,000 and you owe $100,000 on your mortgage, you have $400,000 in equity. Lenders may allow you to borrow up to 85% of your home’s equity.

Through 2026, these deductions (where eligible) only apply to home equity lines of credit of $750,000 or less. For taxpayers who are married but file separately, this loan limit is capped at $375,000.

You have a considerable sum of home equity and want to convert it into cash. In this case, you’ve likely considered a home equity loan and a home equity line of credit (HELOC) to make it happen.