A Home Equity Loan allows you to use your home as collateral so that you can consolidate bills, fix up you house, and or any other types of purchases. There are also special home equity loans called Title I loans specifically for individuals that need moneys for home improvement, but have almost no value to their property to loan against. Title I loans are usually issued with a higher interest rate than other home equity loans out there. The Home Equity there is also the option to cash out on the value of your home for any reason, that's why some would say with a home equity loan you have a lot of options.