Home equity loans can be an attractive option for homeowners who need to borrow money, as they tend to have lower interest rates than personal loans or credit cards and their fixed monthly payments can help manage a budget. However, they require at least 20% equity in the home and a credit score of at least 680, and can be foreclosed on if payments are not kept up. It may be a good idea depending on individual circumstances, such as knowing exactly how much is needed, having good credit and wanting several years to repay the debt.
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