What are the limits to mortgage interest deduction?

My wife and I current do not owe a mortgage on our house (~$ 600K). I am considering getting a ($ 400K) home equity loan / mortgage. Our income would easily support the monthly payment. My questions are 1. Will the interest from the $ 400K loan be tax deductible or is interest on cash-out loans over $ 100K not eligible for deduction (I’ve heard)? 2. Will points on this load also be deductible? Thanks.

I have a credit score of about 680 and lived there for 15 years . I owe 185k and the house is worth 410. I am over 15k in credit card debt and had two late payments. I am also retired and on a penison and social security

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