With a HELOC loan, you can turn all that equity into tax-free cash, which can be used to pay off high-interest loans. Rates on a home equity loan are typically lower than APRs on credit cards and personal loans, making it an appealing option for homeowners with substantial equity.The average homeowner sits on roughly $315,000 in equity as of the third quarter of 2024, according to CoreLogic. Year over year, homeowner equity is also up by 8$17.6 trillion (2).A Home Equity Line ...