The proceeds of a home equity loan can be used for any purpose,and the interest paid is usually tax deductible.

Name: The proceeds of a home equity loan can be used for any purpose,and the interest paid is usually tax deductible.
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Quizplus · Accepted Answer

The statement is true. Home equity loans are flexible in terms of how the proceeds can be used, and in most cases, the interest paid on the loan is tax deductible. However, it is always best to consult with a tax advisor to ensure eligibility for tax deductions.

The Proceeds of a Home Equity Loan Can Be Used