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How Do I Put the Equity in My House to Work for Me?

If you own a home or have a loan, you can put what you already own to work for you with a Home Equity Loan. This secured loan gives the borrower an opportunity to use their home as collateral. Secured loans usually offer lower rates, higher borrowing limits and longer repayment terms than unsecured loans and, with a home equity loan, there may be a tax deduction.*

As the term implies, a secured loan means the borrower is providing “security” that the loan will be repaid according to the agreed upon terms and conditions. In the event the borrower is unable to repay a secured loan, the lender may be able to sell the collateral to pay off all or part of the loan.

 

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