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Home equity loans are the special type of home loans wherein the borrower makes use of home equity as collateral security. Home equity loans are very helpful to finance the home maintenance, college education and medical bills. These loans generate a lien against the borrower?s home and diminish the home equity. Majority of home equity loans need good credit history, combined loan-to-value ratios and reasonable loan-to-value ratios. Generally home equity loans are of two types; open end and closed end.