Home Equity Loans and Lines of Credit Home Equity Line Of Credit A Home Equity Line Of Credit is a valuable financial tool for both new and present homeowners providing checkbook access to a line of credit based on a home’s equity for up to 15 years. There are no application fees or points charged to open a HELOC and interest is only charged on the funds used. In most cases, interest is tax deductible. Home Equity Loan A HEL is a fixed-rate 2nd mortgage loan for both new and present homeowners with repayment terms of up to 15 years. May be used to assist with the purchase of a home or to cash-out the equity built up in a home currently owned. There are no application fees and the interest you pay may be tax deductible.

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