Paying Off Mortgage with Home Equity

Google Groups : misc.invest.financial-plan: "I need some advice regarding the following idea: paying off my home
mortgage with a home equity loan. The mortgage is down to about
$25,000 with an interest rate of 8.0 or 8.5 (I can't recall which) and
will be paid off in 4/07. Value of the home is about $150,000. I
don't want to extend the term, and a home equity loan seems like an
easy way to reduce the interest rate without paying closing costs.
Would this be a good idea? Would I still be able to deduct interest
on my taxes? Home state is Illinois, if that makes any difference"
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