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Ecology of Money

The Best Ways to Unlock Home Equity

Here's how to tap into your home's equity--and the best reasons to do so.

Millions of homeowners regard home equity as something akin to a genie. Once they liberate it, it can solve many problems.

For instance, homeowners can use home equity for remodeling projects, paying off credit card bills, financing college, and investing. The main appeal of accessing home equity--such as home-equity lines of credit and home-equity loans--is that the interest rates are lower than traditional lines of credit and credit cards.