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A. The practice of borrowing against the value of a home has skyrocketed in popularity and has become an efficient way to borrow. The two key reasons for this surge: low interest rates and tax deductibility. Although many of our members have been using home equity loans for years, the appeal to homeowners was heightened by the Tax Reform Act of 1986, which mandated the phase out of federal income tax deductions for interest that I paid on non-mortgage consumer debt.
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Why are home equity loans so attractive?
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