get the option to borrow against it

[GoodTaste]

Having home equity isn't just something to be proud of. It's also something you can use to your financial advantage. That's because homeowners with equity generally get the option to borrow against it, whether via a home equity loan or a home equity line of credit (HELOC).
Source: USAToday

Does "get the option to borrow against it" mean "have the option/freedom to borrow money by giving the house/home to the bank or pawnbroker"?

 

[emsr2d2]

If you "borrow against your property", you get a loan or a mortgage with a condition that if you default on the payments or fail to pay back the full amount in the required time, the company/institution that lent you the money gets to take ownership of your house.

 

[tedmc]

It is called a collateral.

 

[Tarheel]

It is called [STRIKE]a[/STRIKE] collateral.

OK.