A Home Equity Line is essentially a cash reserve based on the value of your home. It can often be a great way to finance major expenses, such as tuition, car payments, and home improvements. You may draw upon it up to 10 years simply by writing a check.
If you feel more comfortable with set monthly payments, then a low fixed rate Home Equity Term Loan may be the option for you. Another great benefit is that the interest you pay may be tax deductible on your federal tax return.
Please consult with your tax advisor for tax information.