What is the advantage of taking out home equity loan

The big advantage is you can deduct the interest from your taxes.

The biggest dis-advantage - in my opinion, is should you have to default on the loan, for whatever reason, you put your home at risk. You could lose your house. :(

Another dis-advantage, again - IMO, is that it allows you to continue to use your credit cards and rack up more debt. It doesn't force you to re-evaluate and begin to live within your means.

Hi ch:

A home equity loan would be risky enough as there is a chance to lose your home that is your loveliest asset. Moreover if you are already in too much debt that you cannot repay easily, I guess, your credit score is also not very attractive. So the lender can charge higher rate of interest.

By any chance, if the property value of your home drops, you can wind up owing more money. So be careful, try some other ways to repay your debts.

Okay thanks you guys I don't currently own a home but someone I know those and they wanted me to ask this information and find that out!Because I really didn't know the answer to that but now that I know I can give the message to them I currently me myself rent a apartment and have never owned a home so thats why I was asking just to find out if anybody knew the answer.
Thank You
So Much