Borrowing against the equity in your home in order to pay off credit card debt, fund college educations, fund additions or needed repairs to the home, or to provide startup capital for that dream of owning your own business, is a tax advantage. Interest on first and second mortgages in general is fully tax deductible, and if you re borrowing to fund education related expenses, or start that new business, some or all of those expenses are going to be deductible. It s a win-win situation.
How is the dollar value you have in your home established? Well, there a couple of different ways that lending institutions determine home equity…
Read the rest of: Home Equity Second Mortgages here
