The Best Home Equity Loan Commercial 2022. It is a loan that is secured against the equity in your home and is often referred to as a second mortgage. A home equity loan allows you to use the equity of your home as a line of credit.

It’s important to note that you can’t take out all the equity in your home. You receive your funds in a lump sum and how you use the proceeds are. To own your home, you should have at least $30,000 to $40,000 in equity.