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, the bank will probably not require the balloon as long as you pay your minimum. Home equity loans have become popular because they are flexible and offer attractive rates and tax deductions. However, you should be careful about how you spend the proceeds from your home equity loan. It is best if you use the money for major capital expenditures on which you might earn a return instead of on impulse items. For example,[link widoczny dla zalogowanych], you might use home equity money to renovate your home, finance your children’s tuition, buy a car or furniture,[link widoczny dla zalogowanych], or pay off high-cost,[link widoczny dla zalogowanych], nondeductible credit card debt. Don’t, however, tap the credit line for a Caribbean vacation or a spin of the roulette wheel in Las Vegas. Remember, your home is on the line. If you spend the money frivolously and don’t repay the loan,[link widoczny dla zalogowanych], you’ll lose your home quickly. If you know that you will be tempted to spend the money unwisely, it’s best not to open a home equity credit line. REVERSE MORTGAGES Another way to tap the equity in your home, particularly if you are retired and own your home free and clear, is to assume a reverse mortgage. Instead of borrowing against your equity and paying interest, you contract with a bank to convert some of your home equity to cash while you retain ownership. These are called reverse mortgages because they are the opposite of traditional mortgages —the bank makes payments to you. You can use the money for anything you want though it is prudent to use it for living expenses such as taxes, in