Who is responsible for home equity loan?

The borrower is primarily responsible for a home equity loan, as they are the one who takes out the loan against the equity in their home. The lender, typically a bank or credit union, is responsible for providing the funds and establishing the terms of the loan. Both parties must adhere to the terms of the loan agreement, which includes repayment schedules and interest rates. Additionally, homeowners must ensure that they maintain adequate insurance and pay property taxes to protect the lender's interest in the home.