The most frequent reason people get home equity loans is debt consolidation. Additional uses include home improvements, college and wedding expenses, unpredictable family emergencies and medical expenses. Home equity loans are convenient as they allow homeowners to acquire a lump sum of money for big expenses. For weddings and other special events, there will be numerous payments made to various merchants, so a home equity line of credit would be a better selection than a lump sum home equity loan. Remember that the best use of home equity loans is when you are improving your financial status.