Is Home Equity Loan Interest Tax Deductible?

"What is the criteria for mortgage interest? My wife and I are in our 70s. We need a home equity loan. But our bookkeeper says we won't qualify to deduct interest on such a loan. Can we deduct interest on a home equity loan?"

In short, yes. Read the details by clicking below.

Is home equity loan interest tax deductible? [Charlotte Observer]

Trading Credit Card Debt for Home-Equity Debt

"I have about $12,000 in debt and $25,000 in home equity. The number of cards and load are hurting my credit. I learned my lesson regarding debt and now have been fighting to pay these off. Should I go for the home-equity line of credit, or will the interest kill me?"

They should be thinking of a home equity loan which offers substantially lower interest rates. And of course, always remembering the right financial prudence. Read the detailed answer.

Trading credit card debt for home-equity debt [Quad City Times]

Homeowners Cashing Out Equity

"During the second quarter, 74 percent of mortgage refinancings were 'cash-out' refinancings, the highest level since the fourth quarter of 2000" according to mortgage lender Freddie Mac.

Homeowners were able to take advantage of low interest reates but that's getting increasingly harder to do as interest rates increase. Check out the article below, it discusses when you might be better off using your home equity line of credit as opposed to a home equity loan.

Homeowners opt to 'cash out' equity [AZ Republic]