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If you have equity in your home, you might be able to use a home equity loan, also known as a second mortgage. The equity you have in your home—the portion of your home that you own, and not the bank—secures the loan. You can typically borrow up to 85% of your home’s equity, which is paid out as a lump sum amount and repaid over five to 30 years.
To find out your home’s equity, simply subtract your mortgage balance from your home’s assessed value. For example, if you owe $150,000 on your mortgage and your home is worth $250,000, then your equity is $100,000. Considering the 85% loan limit rule, and depending on your lender, you could potentially borrow up to $85,000 with $100,000 in equity.