A HELOC offers homeowners one of the very cheapest ways to borrow money right now. Getty Images/iStockphoto

Around $300,000.

That's how much the average homeowner has in home equity now , according to a report released earlier this year. And while that number may be lower or higher depending on where you live and your existing mortgage balance, it represents a sizable funding source that can be borrowed from with relative ease. Following a series of interest rate reductions courtesy of the Federal Reserve , home equity borrowing is also much more affordable than it once was. With a home equity line of credit (HELOC) in particular, borrowers can open a product with an interest rate that's materially lower than most other alternatives.

And borrowing just $30,000 will

See Full Page