There are two types of home equity loans, a fixed-term loan and a line of credit – also known as a HELOC. A home equity loan is a one-time lump sum of money that slowly gets paid back monthly with a fixed interest rate where a home equity line of credit can provide you with access to funds as you need them, in which you pay back like a credit card. Fixed-term equity loans include Second and Third mortgages, Refinanced mortgages, Reverse (or Chip) mortgages, and Prepaid. Canadalend can provide you with all the products mentioned above at the best rates with the lowest fees.