Should you access a home equity mortgage or a home equity line of credit, known as a home equity line?  Wikipedia says that both home equity lines of credit and home equity loans are usually referred to as second mortgages, because they are secured against the value of the property, just like a traditional mortgage. The plebeian vernacular is hardly a definition as to features of a loan document.

The really significant difference is the disposition of payments as they apply to the principal balance.  A closed end loan (home equity mortgage) can record payments against the loan balance only one time a month by law, whilst an open end loan (home equity home equity line of credit) can account for payments any day and immediately alter the balance to which…

Americans have recently (in the last fifty years) stopped saving, at least in the traditional sense.
Our friends and neighbors have one of the lowest savings rates of any developed country.  Yet that doesn't mean we don't have wealth.  The number one place people in the United States store their wealth is in their homes.  Over One hundred billion dollars is presently being stored in home equity.

Home Equity

As home owners become more aware that their equity is doing nothing to help them become wealthier they are increasingly looking for safe ways to get access to this missed fortune and to put it to use.

Some borrowers are using mortgages, some home equity loans and some are applying for a home equity line of credit.  Yet most home owners are not…