You’ve seen the ads, or maybe had it suggested by a mortgage banker or two: take out a home equity loan, and you could be sitting on a six-digit pile of cash a few months later. Sounds too good to be true? It depends – home equity loans are one of the main advantages of owning a private property; but there are cases where it may not be entirely appropriate. Here’s how to decide whether it’s worth taking one: Caveat: In all matters of personal finance, always consult a professional – such as a wealth manager or financial planner – before deciding to take on significant loans. The following is meant to inform you of home equity loans as a financing tool only; get expert advice for the final word on whether it’s right for you. What’s a home equity loan? Sometimes...