In addition, since the cash value is being used as collateral you don't need to pay back the loan in a set period of time, as is required of many other forms of loan. (valuepenguin.com)
On the one hand, the money you can borrow on your home will probably be of a lower interest rate than most other forms of loans and this can help you to reduce your monthly repayments by using the house money for clearing more expensive debt. (creditrobbersblog.com)
In addition, since the cash value is being used as collateral you don't need to pay back the loan in a set period of time, as is required of many other forms of loan. (valuepenguin.com)