Now, if you need the funds over a period of time, for your teenager's educational fund, as an example, then the home equity line will probably be your better choice.  With this type of loan, you would borrow only what you needed, whenever you need it.

Home equity lines carry adjustable rates. Your bank may allow you to convert a portion of your loan to a second fixed rate mortgage. You probably will have to pay for the convenience of having an equity line, which includes an annual fee whether you draw money or not, and also a transaction fee.

You will want to decide in advance which type of loan is best for you. At Lyon Financial,
we can help you compare the expense of the different loans. 

For advise on deducting your interest, consult your tax advisor regarding your situation.

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