You could be standing on a pile of cash!
A home equity loan is a fixed-rate mortgage product with a principal and interest payment, featuring terms of up to 15 years. The loan borrows against a portion of your current home through equity/appreciation (an increase in the value of your home over time) and previous payments on your mortgage. You have home equity when your home's value is higher than what you owe on your mortgage. Then, you can borrow against that value to finance remodeling, educational or medical expenses, emergency situations, debt consolidations, and more.

Home Equity Loans offer benefits such as:

• Your money comes in one lump sum. You'll get the value of your loan in one payout. This is particularly beneficial for homeowners who are looking to finance home improvement projects or individuals who are paying for medical or large educational expenses.
• It's a fixed, monthly payment. Your interest rate will never change, and you pay monthly - just the same as you would on a mortgage. If you are using the funds from this loan to pay off debts, you may benefit from the single monthly payment structure.