What are the pros and cons of home equity loans?

Home equity loans offer consistent monthly payments, lower interest rates, long repayment timelines, and tax deductions. Downsides include a significant equity requirement and the risk of losing your home. Alternatives include HELOCs, cash-out refinances, personal loans, and reverse mortgages. Fees associated with home equity loans include origination, appraisal, credit report, document, title, and discount points.

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