When you consolidate credit card debt or your car loan, for example, into a home equity loan, you put your home on the line for that debt. You may be dealing with someone who will treat you unfairly. They don't care if you can pay the loan. They know they can legally take your house through foreclosure if you don't pay. If you cannot afford the loan, you will lose your home.
Most people have nowhere to go after they lose their homes.
Remember that it is easier to learn how to protect your home now than it is to pick up the pieces after it's gone. Take advantage of free, local loan counseling. See the Resources section at the end of this pamphlet. Look at more than the monthly payments. Make sure that a loan's interest rate and fees are competitive and fair.