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A Home Equity Loan to pay off debts?

So your wanting a bit more cash in your pocket for whatever reason, perhaps some bills to pay off, or home renovations, perhaps some university/college education for yourself or your children? Whatever the case, here is some information about home equity lines of credit, the ins and outs, what to expect etc.
A home equity line of credit has some strings attached and here is what you should know or find out. Be sure to read over any contract carefully and ask any questions clearing up any questions or concerns you may have. Some things to look out for are that sometimes there are introductory interest rates that then expire and you default to a higher interest rate, be sure you understand and prepare for such an occurrence. There are often general fees associated with set it up as well, there could be title searches, any legal fees, appraisals etc. Just be aware of such things and figure out what they are going to cost. Other answers to find out are if there are closing fees? Are lump sum payments ok? Or are there annual fees? Also don't be afraid to do a little research, shop around and consider what other financial companies are willing to do for you. They are not all created equal.
Usually a home equity line of credit will fluctuate with the interest rates, as the rates go up, so do your payments and obviously as they go down so do your payments. If this does not sound like something you are interested in, consult your financial institution and work on getting a pre-set interest rate such as a 2nd mortgage. Having pre-set interest rates give you the security of knowing exactly what your payment will be each month without surprise. This being said, with home equity lines of credit there are also tax implications, good ones. Which usually involve righting off the interest. Talk to your accountant or financial institution about the advantages of such.
Some potential negatives and risks to borrowing from the equity in your home are if the value of your home depreciates. For arguments sake, let's say your house is worth $300,000 and you owe $220,000 still on it. So you take out a home equity line of credit on it for $80,000. Then the sub-mortgage crash effects your homes value and your home is now only worth $200,000. Yet you still owe $80,000 on the line of credit and $220,000 on your home. You can see that you may have just opened up a big can of financial worms. Other options to gain some funds for your situation are to check into borrowing off of credit cards with good introductory interest rates. Title Loans, where you can borrow money off of the value of your car. Or other unsecured loans that don't use your home as collateral.