Will a HELOC or home equity loan be better for homeowners this October?

There are multiple affordable ways to borrow home equity this October. Getty Images/iStockphoto

Homeowners in need of some extra financial support may be considering their home equity options this October.

And it's easy to understand why. According to a report released in the summer, home equity levels in the United States are at a new record high. And with the average homeowner in possession of more than $300,000 worth of equity , there's likely plenty to utilize right now, covering a wide array of expenses both large and small. Interest rates associated with home equity loans and home equity lines of credit (HELOCs) are also on the decline. They're likely to continue to fall, too, now that the Federal Reserve has launched a new interest rate cut campaign