The National Home Equity Mortgage Association (NHEMA) is offering homebuyers and homeowners a complimentary booklet, ``Home Equity Borrowing: Things You Should Know,'' as part of a major new campaign to educate consumers about the benefits and dangers of home equity loans.

The guide for consumers explains the rewards and cautions of home equity loans in simple terms.

The timing of NHEMA's distribution of the guide is important because many consumers obtain home equity loans during the first few months of the year to consolidate debts and prepare for spring projects.

``Home Equity Borrowing: Things You Should Know'' explains how consumers can both benefit and protect themselves when borrowing against their home, by:

• borrowing within a realistic budget
• understanding fees
• understanding the mortgage broker's role; and
• using loan proceeds wisely.

The guide also explains how home equity loans differ from other types of credit and walks readers through the loan origination process step by step.

``Protecting consumers is a critical part of our association's mission, and this new guide will help home owners make the right choices when borrowing against their most valuable asset -- their home,'' said Laura Borrelli, president of NHEMA.

``Home Equity Borrowing: Things You Should Know'' is available at no cost from NHEMA at (800) 342-1121, the Internet (http://www.nhema.org/consumer/front.htm) or through NHEMA members nationwide.

Founded in 1974, NHEMA serves as the principal trade association for non-conforming home equity lenders.

In 1997, the home equity lending industry originated 4.1 million loans totaling $268 billion, most of which borrowers re-circulate into the economy in the form of home improvements, college tuition and medical needs.