A home equity line of credit (HELOC) is another way to access your equity, but it works more like a credit card. A HELOC is a revolving account that can be utilized as needed during the draw period and paid back in monthly installments or all at once. These loans have a variable interest rate and work as an adjustable rate mortgage. Generally, however, the interest is better on a HELOC than a credit card because it is a secured loan. Even better, consumers with home-equity loans can frequently deduct interest payments on their federal and state income taxes. Credit card interest however, is not deductible. “In effect, the tax deduction lowers the interest rate,” states Keith Leggett, senior economist for the American Bankers Association. Either of these loans may be a better option than refinancing in today’s market. Be sure to find a lender you can trust and fully discuss all your options.

Rebecca is a respected writer and article contributor to the Desert Magazine and Los Angeles Times. For the latest interest rates for fixed rate 2nd mortgages and interest only lines of credit, please visit the online resources at Second Mortgage & Home Equity Loans Online. Please visit these additional resource websites: To get a free loan quote for a Home Equity Loans Online for people with all types of credit, please check out the special loan offers for lower payments. If you need more loan advice about credit lines, take a look at the flexible programs offered for low rate second mortgages.