Monthly HELOC costs are steadily declining now that the Fed has been cutting interest rates again. Getty Images/iStockphoto

If you're a homeowner who has seen your home value surge in recent years, you're not alone. Cumulative home equity levels in the country hit a record high earlier this year, rising to a record $17.8 trillion. With the average homeowner in possession of around $300,000 worth of home equity now, this is likely a plentiful financing source for millions.

But plentiful doesn't mean that all of the money can be used.

Lenders typically cap the amount of equity that can be borrowed at 80% . So, if you have $100,000 in equity, you'll need to keep $20,000 as a buffer. Borrowing $75,000 out of that average $300,000, however, will allow you to keep 75% of your eq

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