A 100% home equity loan allows you to take advantage of the equity you have built-up in your home.
100% home equity loans are a smart way to get cash when you need it. The equity in your home is like your own personal gold mine. Home equity (for those who don’t know) is the difference between the value of your home and the amount you owe on the mortgage. For example if your home is valued at $125,000 and you owe $100,000 on the mortgage then you have $25,000 in equity. With a 100% home equity loan, you can borrow up to 100% of that equity, in this case $25,000.
Home equity Loan proceeds can be used for a variety of purposes. Many homeowners knock hundreds off their monthly debt load by using home equity loan funds to consolidate high interest credit cards and installment loan debt. Others add value to their home by performing major home improvements. The choice is yours, there are no restrictions on how you can spend your money.