Home equity loans and home equity lines of credit (HELOCs) allow homeowners to tap into the value of their homes. A home equity loan is a fixed-rate, lump-sum loan that allows homeowners to borrow up to 85% of their home's value and pay that amount back in monthly installments.

A Realtor.com report indicates that Americans who bought homes in the 1990s and early 2000s have amassed hundreds of thousands of dollars in home equity.

Making the right choice starts with answering the right questions. And, this September, there are a few timely ones worth evaluating before taking any formal action. Below, we'll break down four home equity loan questions homeowners should be considering the answers to currently.

SoFi reports that home equity loans include fixed-rate loans, HELOCs, and cash-out refinancing, with options varying based on financial needs.

Achieve reports that while a home appraisal is usually required for a HELOC, some lenders may use a digital appraisal to expedite the process.

Caroline Basile is Forbes Advisor’s student loans and mortgages deputy editor. With experience in both the mortgage industry and as a journalist, she was previously an editor with HousingWire, where she produced daily news and feature stories. She ho..

Home equity loans and home equity lines of credit (HELOCs) allow homeowners to tap into the value of their homes. A home equity loan is a fixed-rate, lump-sum loan that allows homeowners to borrow up to 85% of their home’s value and pay that amount back ...

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