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What can home equity loan be used for

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Question: 1. Please compare and contrast acquisition indebtedness and home-equity loans

2. Why might it be good advice from a tax perspective to think hard before deciding to quickly pay down mortgage debt?

3. Are employees or self-employed taxpayers more likely to qualify for the home office deduction? Please explain.

4. What can home equity loan be used for? Any restrictions?

5. What could be the benefit for the lender on home-equity loans?

6. How would you compare home-equity loans to credit card debt?

7. If someone is well stocked on the emergency fund and has a steady stream of income, does it make sense to pay down his mortgage, if he has received a good sized bonus? Is it more beneficial to pay down mortgage and lower the overall interest payment on the loan, or keep the high level of deductible interest?

8. What about emergency funds? How much emergency funds should one prepare for the rainy days?

Answer each question in 200 or more words.

Use citations and references

Use APA guidelines please

Reference no: EM132221664

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