DESCRIPTION/OVERVIEW:  Equity Loans allow homeowners to use the value of their equity to obtain loans at lower interest rates than regular installment loans.  The interest that is paid on Equity Loans can be tax deductible as well.

QUALIFICATIONS/REQUIREMENTS:  Applicants must be homeowners with some equity, and be current on mortgage payments.  Credit requirements vary upon lending institution.

FUNDING:  Loan amount is based on the market value of the home and the remaining amount of the mortgage that is due (equity).

APPLICATION DEADLINE:  Ongoing at most lending institutions.