<prompt> Human: Im thinking about getting a home equity loan to help pay for some big home repairs our roof and windows are pretty shitty, not to mention the outer garage doors and driveway, etc. Ive always paid for stuff on my own but this is looking to be a huge expense. More than I could afford on my own. But it needs to be done quite soon. What exactly is a home equity loan? Is this one of those loans where they completely rip you off with interest rates and if you dont pay up they come kick you and your family out of the house and take the house away? Whenever I hear the world loan I immediately get suspicious which is why Ive always paid for things with my own money and never trusted banks. Maybe its just because of too many years of hearing horror stories about Quick PayDay Loans and other scams. What do I need to know? Ill be Googling this and talking with my bank as well to gather information, but Id like your input as well. Thanks!  <response>: What exactly is a home equity loan?Its a loan thats secured by the equity in your home. That is, your home is collateral. Is this one of those loans where they completely rip you off with interest rates...?No. Secured loans have low interest rates and historically student loans, though that changed a few years ago. ...and if you dont pay up they come kick you and your family out of the house and take the house away?Yes. Your house is collateral, so if you dont pay, it may be foreclosed on. 