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Home Equity Lines
A credit line for any purpose that is secured by your home, also called a home equity loan that allows you to borrow up to 100% of your home equity. Home equity credit lines have variable interest rates that revolve like credit cards. The payments due each month are based on the amount of money that you have used, rather than the entire line amount like a home equity loan.
Do you need cash for Home Improvements? Would you like to create a reserve savings account based on your Home Equity?
Financing home improvement costs and creating a reserve savings are the two most common reasons why people take out home equity lines of credit. You may want to purchase some investment properties or take a vacation. These are also great reasons for investing in a line of credit that is secured by your primary residence.
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*See your tax advisor for details.
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