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Home Equity Installment

A home equity installment loan allows you to borrow money, using the equity in your home as a means of securing the loan.  A mortgage (usually a second mortgage) is placed on your principal residence.  The term of the loan can vary.  The loan is paid back in equal monthly installments.  In many instances you can gain a tax advantage for the interest paid on the loan, but this is not always the case.  You should contact your tax advisor to determine your own tax consequences.