3. Buy an existing business or start a new business with equity capital in your home. If you can start a low risk business, take opportunity to let your equity work for you.

4. Use equity as a down payment on an investment property or a rental.

5. Use it to consolidate high interest debt and possibly save yourself hundreds of dollars a month to put toward something else.

6. Use it to finance your education and increase your earning power.

7. If you live in an area zoned for this, you could finish a basement or area of house to rent out. You could create a separate living space or apartment on your property.

Just be careful to not do anything risky with equity in your home. If you can get a low enough rate, it may be worth taking that money and investing it somewhere else.

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