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Home equity loan is a second mortgage that provides a lump sum of cash upfront with a fixed interest rate and a set repayment schedule. Using home equity to finance a child's college education is an option that provides access to potentially lower interest rates and larger borrowing amounts compared to other loan types, but also carries the significant risk of losing your home if you default on payments. Your home can be used as collateral, but that is just a reassurance to the lender you are really reliable to pay the loan back. Tune in to this episode and see if you as a parent may need to use your home or business as a way to help pay for college.
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