Home equity can be a helpful way to pay for home repairs, renovations, or improvements. Not only do home equity loans and lines of credit typically come with lower interest rates than other forms of borrowing, but they also come in fairly large loan amounts (usually up to 80% of your equity). You could also earn a valuable tax deduction with these products. Still, every homeowner should understand the process and its pros and cons before taking equity out of their house to pay for home improvements. Lear ...