Not all home equity borrowing routes are created equally, especially in today's unusual economic climate. the_burtons/Getty Images

For many homeowners, the equity they've built up in their home is also one of their largest financial resources. After years of rising home prices and inventory shortages in many markets, the latest data shows that U.S. homeowners now hold an estimated $17.8 trillion in collective home equity — the highest level on record. For many homeowners, though, that equity is more than just a number on paper. It's also a tool that can be converted into a source of affordable funding.

And, borrowing against your home equity can be an especially smart option to consider in today's rate environment, where the rates on other borrowing options, like credit c

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