The average homeowner is sitting on a sizable amount of equity that they can borrow from right now. Getty Images

With the average home equity level around $300,000 now and with the total amount of borrowable home equity reaching yet another new record level this week, homeowners in need of a large amount of affordable financing may understandably be looking toward their home now. And with options ranging from cash-out refinances to reverse mortgages to home equity loans and home equity lines of credit (HELOCs) , there's no shortage of viable ways to borrow equity right now.

Still, interest rates on HELOCs and home equity loans are low now and they've been on a recent decline . And, unlike cash-out refinances, they won't require the homeowner to exchange

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