If you have to finance one-time needs, this second mortgage is a great choice for borrowers.
It features a fixed-rate on a specific payment schedule determined by the amount of equity you have in your home. Borrowers receive all the money in one lump-sum and then pay it back each month.
A popular choice for those who want to borrow on flexible periods.
A home equity line of credit is a revolving, adjustable-rate line of credit that is a lien on your home. You can use the money whenever you choose to, with no set period, and you can pay back the interest each month.