What does it mean to be equity rich?

Being equity rich means a homeowner's mortgage balance is small relative to their home's current value, giving them a large ownership stake even without much cash on hand. It's a useful position for accessing a home equity loan or line of credit, or for netting significant proceeds from a sale, but it doesn't mean the owner has that money available day to day. Whether it makes sense to tap that equity depends on the specific goal and cost of borrowing against it.