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This type of loan allows you to borrow a fixed amount of money in one lump sum usually as a second mortgage on your home in addition to your primary. A home equity loan is a type of second mortgage that allows you to borrow against your home’s value, using your home as collateral. A home equity loan—also known as an equity loan, home equity installment loan, or.
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And, with it, you have the freedom and flexibility to use the funds as you need and. Equitable bank's home equity line of credit (heloc) is designed to help you manage your finances. A home equity line of credit — also known as a heloc — is a revolving line of credit, much like a credit card.
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