A Home Equity Loan has become an increasingly popular way for consumers to borrow money, especially with the continued increases in interest rates on credit cards. Your home equity is the percentage of the home that you own; it’s the difference between the current value of the home and the amount you still owe on your mortgage.

Home equity loans have allowed millions of Americans to take control of their debt. The average household now has nearly $10,000 in credit card debt, and borrowing against the value of your home can allow you to pay those bills through debt consolidation. The interest on a second mortgage is usually tax deductible, something other types of loans haven’t offered in more than twenty years. A line of credit can offer the opportunity to borrow money on a revolving basis. And the payment schedule can be arranged over a specific amount of time, which offers the homeowner the convenience of scheduled payments as well as affordability.