A home equity loan can be used to fund home improvement projects, cover educational costs, and pay for major purchases like vacations, weddings, and celebrations. You can also use it for debt consolidation and pay down credit card debt. Whether you want to consolidate debts or take the family skiing, you can do whatever you want with home equity loans. If you have enough equity in your home, you can even use a home equity loan to buy another house, and even pay your real estate agent!