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Truity Credit Union Blog > October 2017 > How can funds from a Home Equity Loan or HELOC be used?

How can funds from a Home Equity Loan or HELOC be used?

  • 10/2/2017

More than half of our members use their Home Equity Loan or HELOC to make repairs or improvements on their home, but the truth is these loans can be used for anything at all. Debt consolidation, college tuition, a dream vacation, a new car—members have used their home equity loans for all of these!

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Consult your tax advisor to see if the interest you pay on your Home Equity Loan or HELOC is tax-deductible. An appraisal is required, and adequate property insurance must be maintained. Apply using a desktop computer. Since Home Equity Loans and HELOCs are secured by your home, they take four to six weeks to complete.

 

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