Monthly home equity loan costs have been declining alongside a cooler Federal funds rate. Muhammad Aqib/Getty Images

Borrowing six figures' worth of home equity may not seem like the most obvious borrowing choice on the surface. But with the average home equity amount worth hundreds of thousands of dollars right now and cumulative home equity levels in the country hitting a record high this year, it can be a viable borrowing option worth investigating right now. And that's especially true considering that interest rates on home equity loans and home equity lines of credit (HELOCs) are on the decline again.

The Federal Reserve this week issued another reduction to its benchmark rate , the third one in the last four months. And while the Fed's rate actions are jus

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