Home Equity Loan: A home equity loan is secured by the equity in a home. Home equity loans can be used for any type of purchases. The interest paid on a home equity loan can be tax deductible. See home equity line of credit. In a standard home equity loan, a specified amount of money is loaned in a lump sum for a defined period of time(i.e. 15 year-30 year loan). A standard home equity loan is also called a second mortgage installment loan. Home equity loans allows you to tap into your home's built-up equity and pull out the "profit" without selling the house.
 

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