A home equity loan is advanced in one lump sum. You make fixed monthly payments over a fixed term and are charged interest only on the unpaid balance. A loan makes it easier to budget since your monthly payments are fixed over the life of the loan. A home equity line of credit is a set amount of money you are approved to use whenever you like. You access your funds by writing checks. As you repay the balance, you can continue to access your credit line up to your approved credit limit.

A home equity line is a form of revolving credit in which your home serves as collateral. Because your home is likely to be your largest asset, you should consider a home equity line of credit for the purchase of major items such as education, home improvements, or medical bills and not for day-to-day expenses. With a home equity line, you will be approved for a specific amount of credit-your credit limit-meaning the maximum amount you can borrow at any one time while you have the plan.

None. Use the money for whatever you choose - remodeling, education expenses, a Hawaiian vacation, that new car or boat you've been eyeing. What you use the money for is entirely up to you.

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A HELOC is a mortgage loan, usually in second position, that allows the borrower to obtain cash drawn against the equity of their home, up to a predetermined amount.

Generally, a Home Equity Loan is for a fixed dollar amount, for a fixed period of time, with fixed monthly payments, and the borrowed amount is received as a single lump sum. With a Home Equity Line of Credit, you can take out the amount of money you need, when you need it. Payments are required only when there is an outstanding balance, and you pay interest only on the outstanding balance.

They both offer advantages and disadvantages. The home equity loan offers a fixed payback schedule to the homeowner. Offering you less temptation to over extend yourself. The home equity line of credit allows you to use your home as a source of funds up to your credit limit. Most home equity lines of credit have a variable interest rate, which can get the undisciplined homeowner into financial trouble if not careful.