More than value minus balance
Estimated value, loan payoff, selling costs, timing, condition and how a buyout would be financed all influence what equity actually means for each person.
Two people can agree on a number and still be describing very different outcomes depending on whether the home is sold, refinanced or held.
Equity is not automatically accessible
Converting equity into usable funds generally requires a transaction — a sale or a refinance — and each has costs, requirements and timing of its own.