A very important reason many people like a home equity loan is the fact that the interest may be written off on their federal income taxes. This is something that can't be done with many other kinds of loans. To find out your own tax situation, be sure to consult with your accountant or tax adviser. Do not wait until you are filing your federal income taxes to find out. That will be too late.
People also prefer a home equity loan because of the often fairly low interest rate.
This can certainly make home equity loans quite attractive. A very important thing for you to do if you are interested in getting a home equity loan, is to do comparison shopping. Contact a number of lenders in your area to see what kind of deal you can get. Weigh this information carefully. Both the length of the loan and the interest rate will have a major impact on how much the loan will ultimately cost you.