|FI (financial institution) lingo for equity loans (attaching a lien to property) tends to generate confusion if one isn't familiar with installment vs. LOCs.|
Although at times used interchangeably here, HELOCS (Home Equity LINES OF CREDIT) are One type of Equity Loan.
It's an open-end credit source similar to a credit card AND subject to a variable rate; LOC can remain open for up to 10 years or longer. Checks are the standard method to access.
Another Home Equity Loan isn't a LINE/LOC at all, disburses a "lump sum," has a fixed rate & term, and is paid in regular installments immediately. Most often coined FEL (Fixed Equity Loan).