These are secured loans with your home as collateral and are baked on the amount of equity in your home. If downside to a home equity loan is that if you default on the loan, your home may be seized to reimburse the lender. 

Home equity loans generally come with good interest rates and can be used to fund a variety of purchases including home improvement.

If you have a home with equity and can repay the loan, you should consider a home equity loan if you are planning home improvements or other large purchases. 

The average home equity loan varies widely. Your cost is dependent on your credit history, interest rate, terms, fees, and other factors.