Home equity loan mortgages

A home equity loan is the difference between the value of the home and the balance of outstanding mortgage loans on the house.

You can apply for a home equity loan in order to pay for education, house improvements, debt consolidation, or other expenses.

A home equity loan has several tax benefits that your mortgage advisor can tell you about.

You can benefit from many tax deductions because you can deduct a portion of the interest that you pay on the mortgage.

Conditions required in order to take advantage of the tax benefits of home equity loans are:

You must complete a Form 1040 and include an itemized list of deductions that you included on Schedule A
You must be the person legally liable for the loan
The home you use as collateral for the loan must be either your main home or a second home

In most cases you can deduct the full amount of the home mortgage interest on your income tax form.

There are three categories into which your home equity loan mortgage must fall to be eligible to claim all of the interest:

Mortgages that were taken out prior to 1987
The home mortgages taken out to buy, build a home under home acquisition debt can total one million dollars
Mortgages under home equity debt that are eligible for this deduction can total $100,000.

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