A $150,000 home equity loan won't be cheap, but it's one of the least expensive ways to borrow a six-figure sum now.

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.

Both home equity lines of credit (HELOCs) and home equity loans are up in numbers, their originations rising in Q3 2024 by 6 and 8 percent, respectively. HELOC balances are bigger, too: They climbed in Q4 of last year, marking the 11th quarter in a row of growth.

Home equity loans, home equity lines of credit (HELOCs), cash-out refinances and reverse mortgages all offer homeowners viable ways to borrow from their accumulated home equity. And, right now, there's plenty to borrow from with the average homeowner in possession of around $320,