If credit record of a homeowner is good, he can apply for home equity loans and obtain finance whenever he is in need of it. It is not necessary for him to dispose of his home to get the required finance. If he has any current mortgage, the same will not be affected for securing home equity loans.The homeowners want to secure home equity loans for various reasons. Debt consolidation may be one of the reasons. Some of the persons consider expending the finance for renovation of the home when expending for higher education of the children is another important consideration. People have also used the finance for holidaying. However, they must be ready with a worthy planning.Home equity loans may be described as schemes for equity release and may be presented in three categories: 1. Loans and Mortgage This is a very good scheme. The homeowner may decide to borrow a fraction of the equity value of the home. He may use this fund to provide solution for his financial crisis. It is common among the people to invest the loan amount for reconstruction or repair of the home. This adds value to their home. If he refinances in future, he will get greater equity value. 2) Home Income Plan Sometimes, the homeowners go for home income plan. They, actually, invest the loan amount in some schemes based on annuity. He wants to find income generation in every month. 2. Home Reversion Schemes On the basis of this scheme, the homeowner does not quit his home, but can increase his income at a pace. It is possible for the homeowner to secure the entire amount of loan as he is forced to start paying interest for the same loan amount from day one.The borrowers can secure the total amount of loan for which they must pay interest right away. The home equity loan provides certain facilities: 1. The loan amount may be secured fast enough. There are not extra charges and the process is free from hassles. 2. Price for the loan appears less as the rates of interest are considerably low. 3. The homeowner can avail tax facility.The homeowner should try to learn more about home equity loans from the current mortgage company. Banks are there, and there are numerous lending agencies offline and online. The homeowner can collect quotes from them and study and decide finally what will be suited perfectly to his necessity.