Home equity is the portion of a homeowner’s property that is owned outright, free of any outstanding debts or commitment to a lender. It’s the part of the home that has been paid off with either cash or a loan. Home equity can be thought of as a kind of asset or wealth, since it can be converted into cash when necessary. The more equity homeowners have in their homes, the more options they have for accessing funds. Home equity loans and lines of credit are two popular options for taking advantage of this asset. Each offers unique advantages that make them attractive to those in need of extra funds. Homeowners with good financial standing may find it beneficial to explore these options for gaining access to some extra cash.