True or false: A lender has the right to take your home should you default on your home equity loan.

True.

False.

True or false: A home equity line of credit can be used to pay off debts, make home improvements or for just about anything you’d like.

True.

False.

True or false: It's smart money management to stretch out a home equity line of credit payment as long as possible. That keeps the monthly payments low.

True.

False.

True or false: Using a home equity line of credit or loan to pay off credit cards is just exchanging one debt for another. There's really no advantage.

True.

False.

True or false: It's a good idea to borrow as much as the lender will allow on your home equity loan when interest rates are low.

True.

False.

True or false: A home equity line of credit may require a balloon payment at the end of its term.

True.

False.