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You can use the funds from a HELOC for various purposes, including home improvements, debt consolidation, education expenses, or other expenditures.

The interest paid on a HELOC may be tax-deductible if the funds are used to buy, build, or substantially improve the home that secures the loan.

However, tax laws can change, so it’s essential to consult with a tax professional.

Make sure you have at least 15% - 20% of equity in the property.

The lender will check your credit score so make sure you have a good one because you can get better terms. The bank will lend up to 80% of your equity - what you owe to the banks.

This method of using real estate to access bigger amounts of cash is rarely talked about but in certain situations, it can be really useful.

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