There are times when people need cash urgently such as to repay a debt, to meet unexpected medical emergencies, remodelling of the home etc. At such times one of the options available to them is a home equity loan. A home equity loan is an amount loaned against the equity of the home or the current market value of the property minus any outstanding dues taken against it. As property value appreciates so does the equity of the home. Home Equity loans are available in fixed as well as variable interest rates.