Equity is the difference between the value of your house on the market and what you owe on the mortgage, ie the portion of the property that is yours.
Home equity loans allow to borrow money against the equity of your home, without any other mortgage. It is a fixed amount of money for a particular period.
The interest that a person pays in loan home equity is lower than credit cards and other consumer debt. Moreover, these types of expenses are deductible, so you convert nondeductible interest into deductible.
In most cases these loans also offer attractive prices and convenient payment plans, however, interest rates are often variable and you risk losing your home if you can not pay.
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