Home equity lines have long been popular, and with good reason. They allow homeowners maximum leeway to borrow money when they need it, repay it when they have it, and write off their interest as a tax-deductible expense.

But rates are expected to head higher. And with 13 percent of all homeowners having a median of $15,000 in home equity debt, it might be a good time for these borrowers to give up some of that wonderful versatility by converting that debt to a fixed-rate second mortgage. With rates headed higher, that home equity line loan could cost more than they bargained for.

Here's why: Home equity lines are based on variable interest rates. Every issuer has a unique spin on how ...

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