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Looking for equity information (getting loan from house value)

N

Nutdotnet

Diamond Member
I'm not sure where to begin since I don't know how all this works.

Anyway, can a person, who has his house paid off, valued at over $100,000, take a loan out using the house as collateral for say.....$20,000? If so, is one able to do long term payments (10-20 years or more like a mortgage) or what?

Would I go to a bank to do this? I know, I know. Dumb questions.
 
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