Home equity loans are lending vehicles that enable a homeowner to borrow against the value of their home minus any outstanding mortgage debt. In essence, this is a loan against the value a homeowner has already paid for. If, for example, a home is worth $100,000 and a homeowner has $50,000 in an outstanding mortgage debt, an equity loan might be feasible in the amount of $50,000. Home equity loans can be used by homeowners to achieve a number of different goals. Many people take out this type of loan to fund home improvements, pay for vacations or even fund higher educational pursuits. Equity loans can include revolving lines or credit, full refinance loans or second mortgages.