Examining the rapid expansion of home equity finance as borrowers seek liquidity without disturbing low-coupon first mortgages. Exploring issuance trends, collateral performance, prepayment behaviour, valuation methodologies, and investor demand across HELOCs, closed-end seconds (CES), home equity investments (HEIs), and second-lien mortgages; and assessing whether these products can scale as a permanent feature of the housing finance ecosystem.