Every lender has different requirements, but the standard is 80% of your total home value. A $100k home may have up to $80k in loans against it. Some lenders will go to 90% or in some rare cases...
Home equity is the unlimited interest of one's property as listed on the market. It's the difference between the home's fair market value and the balance owed on the liens that are on the property.
Yes you do. *Clarification: if you own the home you are owner of any equity that may be realized by the sale or leveraging of the property. That does not mean the home has equity. It only has equity...