Don't rush to borrow home equity without first understanding some important traps. Getty Images/iStockphoto

The average U.S. homeowner currently has a record $313,000 in equity . Many homeowners are considering turning that equity into cash through home equity loans or as credit via home equity lines of credit (HELOCs) , often to consolidate high-interest debt or to cover big expenses.

Before you draw on your home's equity this fall, be aware that not all borrowing is created equal. Repayment structures differ between these products, and with fluctuating interest rates and rising household debt, borrowers need to be especially mindful of the risks in the coming months.

What are the biggest home equity borrowing traps to watch for this fall, specifically, and how can you av

See Full Page