<human>:  What is a home equity loan?
<bot>: A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral to secure and borrow money. It is usually used for large purchases such as home improvements, consolidating debt, or financing education expenses. The loan is secured by the home, which means that the lender is able to recover part or all of the amount of the loan if the borrower defaults.