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HELOC vs. Home Equity Loan: How to Choose
Both borrow against your home. Here is how the payments, risks and costs differ, with real numbers.
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Home Equity
Your home is probably your biggest asset, and the part you own outright is your equity. There are several ways to turn some of it into cash, and they differ in how you get paid, what you owe each month, and what's at stake. These guides explain each one in plain English, so you can match the option to your situation.
Home Equity Line of Credit (HELOC): How It Works
A revolving line of credit secured by your home that you draw on as you need it.
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Home Equity Loan: How It Works
A lump sum with a fixed rate and fixed monthly payments, secured by your home.
Cash-Out Refinance: How It Works
Replace your mortgage with a larger one and take the difference in cash.
Home Equity Investment (HEI): How It Works
Get cash today in exchange for a share of your home's future value. No monthly payments.
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Reverse Mortgage: How It Works
For homeowners 62 and older: turn equity into cash with no required monthly mortgage payment.
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These guides are for general information only and aren't financial, legal or tax advice. We may be compensated by companies featured on this site. See our advertiser disclosure.