How Long Are Home Equity Loans

Are you wondering how long home equity loans last?  A home equity loan is a type of loan that allows you to borrow money using your home as collateral.  In other words, you borrow money from the value of your home to pay off such expenses as college tuition, medical bills, of home repairs.  Home Equity loans are also known as second mortgages.

If you are thinking of getting one, you may be asking, “how long are home equity loans?”  Home equity loans are typically set for 15 years, thought they may be as short as five years or as long as 30 years.