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 How home equity loans work

The home equity loan can be released as one lump-sum or as a line of credit. If the former method is chosen by the homeowner, the cash, which is equivalent to loaned amount minus the fees and interest, will be immediately received. If the latter method is chosen, which is also called the HELOC (Home Equity Line of Credit), the borrower is given a credit card with a credit limit equivalent to the home equity. Some lenders require the borrowers to take a cash advance from this credit card upon approval of the loan.