Well, yes and no on that. Here is the official ruling from the IRS:
“The Tax Cuts and Jobs Act of 2017, enacted Dec. 22, suspends from 2018 until 2026 the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan.”
So if you used the money to remodel, the interest is deductible. But not deductible if you used it to pay off credit card debt!
Here is a link to the complete IRS memo.
One more issue: an IRA cannot be used as collateral against a loan. You must have misunderstood– or you have an ignorant “banker.” Get your tax advice from a CPA!