Unfortunately, not everyone. existing loan balances, save towards purchasing a car/house, or even invest in an interest-bearing investment account. 2. Utilising the equity in your property by."Everyone. can be tough to come up with the money. Luckily, you do have a few options. Youngbauer says many folks tap their home’s equity to pay for repairs. You can do this by applying for either.home equity loans Your home equity can be a lifeline to getting back in fit financial shape. Suitable for larger debts, long-term expenses, and other large expenses like home improvements or weddings, home equity loans typically offer better interest rates since it’s secured by your home.Home Equity Loan. This is just what it sounds like: a loan that uses all or, more likely, some of your accumulated equity as collateral. The principal and interest are paid back via specified monthly payments over an agreed to period of time. A home equity loan provides you cash now, but also adds a new monthly expense. Home Equity Line of Credit.Q: Three years ago I obtained a home equity loan from my bank to pay off the $15,000 balance. I don’t know the facts, so I can’t really give you a good answer. My only suggestion: Get a good real.A home equity loan, which allows you to use your home’s equity as collateral, is a great way to do this. But depending on your personal situation, it may not be the right thing to do. Here’s when a home equity loan makes sense – and when it doesn’t.But note that Texas has unique laws when it comes to cash-out loans and home equity. In Texas, the maximum loan-to-value (LTV) you can get for your primary residence is 80 percent, adds Ziev.A home equity loan is a financial product that allows a homeowner to borrow against the equity in his or her home. home equity loans are a popular way to pay for big expenses such as a kitchen.home equity loans are like a reward. Because you’ve worked hard to pay down your mortgage and build up your home’s value, you get to borrow at a great rate. With a traditional home equity loan, you can spend the money on anything you want – trips, tuition or big-ticket purchases.