agreeing with @Carl
Generally, these are the differences between a Home Equity Loan and a HELOC.
- Home equity loans come with fixed payments and a fixed interest rate for the term of the loan. You receive the full amount of the loan proceeds at one time.
- HELOCs are revolving credit lines that come with variable interest rates and, as a result, variable minimum payment amounts. Lines of credit can have a predetermined loan maximum amount but can typically be drawn on with amounts as needed with the payments based on the current outstanding amount.
-follow this link for additional information-
Are Home Interest Loans Deductible From Taxes? - TurboTax ...
