To find out how much equity you have in your home, simply subtract the amount you still owe on your mortgage from the current value of your home. For example, if you have a $500,000 balance left on your mortgage and the current value of your home is $1,000,000, your home equity value would be $1,000,000 – $500,000 = $500,000.
A home equity loan allows you to convert your home’s locked value into capital which can help you meet your financial needs.