What type of loan is obtained when a homeowner accesses their home's equity?

The most accurate response to this question is that a homeowner accesses their home's equity primarily through a home equity loan. A home equity loan allows homeowners to borrow money against the equity they have built in their home, typically offering lower interest rates than unsecured loans because of the loan's secured nature. Home equity loans provide borrowers with a lump sum of money based on the difference between their home's market value and the remaining mortgage balance.

While mortgage loans are indeed related to homeownership and financing, they usually refer to the initial loan taken out to purchase the home rather than accessing existing equity. Therefore, in the context of the question, a home equity loan is the specific type of financing used to tap into equity, making it the correct choice.