Home equity is the difference between the market value of your home and the amount you still need to pay on your mortgage. One of the advantages of getting a home equity line of credit (HELOC) is that you can use it for anything, including cosmetic surgery.

You can also take out partial amounts of what you're able to borrow, or everything at once. Compared to a lump-sum loan, a line of credit allows you greater flexibility, but may also come with higher interest rates.

It's best to consult with a broker or financial adviser first before making any major decisions regarding your home equity.