To find out how much of your home equity loan is tax deductible, you must look the amount of money that you borrowed and the purpose for borrowing it. As with all other financial products, before you start counting the savings from using a home equity loan to finance any type of debt, you must take a complete look at your financial picture, IRS schedules and deductions rules, … [Read more...]
What is an Equity Loan?
Equity Loan Equity loans are made available to homeowners who have a low loan balance to value ratio in their home and desire to utilize this ratio to receive cash. This funding program is tax free because the money derived from equity is not considered income, as the homeowner has received that amount by paying down the mortgage. An equity loan can be dispersed in one lump … [Read more...]