Home equity loan interest is deductible up to those same amounts, but only if you use the money to "buy, build, or substantially improve your home," as the Internal Revenue Service puts it.

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Second home mortgages can be beneficial if you want to invest in a vacation home or a short-term rental. However, rates often change based on market conditions.

A home equity loan is a second mortgage. It takes some of the equity that you’ve accrued in your home — typically no more than 80% — and converts it into debt in exchange for a lump sum of cash.

Most of these benefits only apply if you are able to itemize your tax deductions. If that's the case, these benefits can save you a bundle.

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Know your options before using your home as collateral to get cash Christian Allred has been a professional writer since 2020. He's written for some of the industry’s top brands and publications ...