Your home's equity is a key instrument in your financial plans. The equity you have in your home is determined by subtracting what you owe on your mortgage from the market value of your home - what's left is the equity in your home. Many homeowners tap into the equity in their home to:

 

  Make home improvements/repairs

  Buy a car

  Buy another house

  Start a business

  Pay for college tuition

  Pay bills

Cash out the equity in your home, and use the money for just about anything you want.