Home Equity Loan

A loan based on the difference between the present value of your home and its original price, less any unpaid balance on your mortgage. If your home is worth more now than it was when you bought it, that extra equity is considered to be collateral for this loan. You can receive the entire principal as a lump sum or opt for a home equity line of credit that allows you to pay only interest on money you've actually spent.
Look for a no-fee home equity loan at a competitive rate of interest that allows you the option of just paying interest each month and does not require any repayment of the principal for 10 or more years.
Although home equity loans are attrace because the interest you pay is tax-deductible, keep in mind that the lender can sell your home if you fail to repay the loan. If possible, try to repay a home equity loan in two to three years.