Home equity loans are a type of loan in which the borrower uses the equity in their home as collateral.

The loan amount is typically based on a percentage of the home's value.

Home equity loans can be used for a variety of purposes, including home improvements, medical bills, college tuition, or other expenses.

There are two types of home equity loans: fixed-rate and variable-rate.

Fixed-rate home equity loans have an interest rate that remains the same for the life of the loan.

Variable-rate home equity loans have an interest rate that can change over time.

Home equity loans typically have a shorter repayment term than other types of loans, such as conventional mortgages.

The interest rate on a home equity loan is usually lower than the interest rate on a credit card or personal loan.

This makes home equity loans an attractive option for borrowers who are looking to consolidate debt or finance a large purchase.

If you're considering a home equity loan, be sure to shop around and compare interest rates, fees, and repayment terms from different lenders.