The basic idea of a home equity loan is that you can borrow against the current equity you have available on your home and the proceeds are not taxed. The equity consists of funds you have invested in your property and/or the increase in value you have gained in the property. A US Home Mortgage loan officer would be glad to assist you in figuring out if a home equity loan is right for you!
Home equity loans are typically used for debt consolidation, home repairs, and college tuition although; there are many other reasons for obtaining a home equity loan.
A home equity loan, just like a first mortgage, can also be beneficial because the interest paid can be tax deductible.