Home Equity Questions...?

[Xanthia Alysha]

Lets say you own a home for $100K. But you still owe 50% to a mortgage loan. Can you get an equity loan for 50% of the value of the home or for 100%?? Or can you not get one at all since the home is not fully paid for?

Also, how do they determine the value of the home you own? Is it by the price you paid or by an appraisal or something else.. ? Who determines that?

Thanks!