* Consider a reverse mortgage. If you are at least 62 years old and owe little or nothing on your home, you can take out a reverse mortgage that will pay you a certain amount each month. The loan won't have to be repaid until the home is sold. * Understand the type of loan you're getting. There are many kinds of home equity loans: fixed rate, adjustable rate, lump sum, line of credit. Each has advantages and disadvantages, depending on your personal financial situation. * Borrow only as much as you can afford. Make sure the monthly payments on your loan fit within your budget. If you can't make the payments, you could lose your house. * Use a professional. Borrow only from a reputable mortgage broker or lender, preferably someone who is a CMC or CRMS. * Get a second opinion. Talk about the loan you are considering with a relative, friend or lawyer. They might notice something you might have missed or not considered. * Don't use home equity for a quick financial fix. Don't rely on your home equity to get you out of financial trouble. There are other options available -- from credit counseling to even bankruptcy -- that don't put your home at risk. * Don't respond to door-to-door salesmen, telemarketers or internet ads. These are scam artists' favorite sales techniques. If you're considering borrowing against your home equity, ask friends or family about a reputable broker or lender who can help you. * Beware of borrowing through a home-improvement contractor. Contractors are generally interested in just one thing: making a quick sale. They're likely to charge you a higher interest rate and may even fail to follow through on the work they promise. * Don't give in to high-pressure salesmen. No reputable broker or lender will try to pressure you to take out a loan. Walk away from anyone pressuring you to sign off on a loan. * Don't take out any loan you don't fully understand or aren't completely comfortable with. It's your loan and your house. If you aren't happy with the loan terms, don't understand what you're being asked to sign or just have a bad feeling about it, just say no.