If you are certain that you require the cash out of your equity in one lump sum, then you should apply for a home equity loan as the better option for you. For the purpose of getting the equity immediately this is your best approach. The finances received from from a home equity loan, or a home equity line of credit can be used in any way you choose. For example, in the past people have chosen to use their equity for a family member's college education, to buy a boat, fix up your home, make an addition, or even to go traveling.