A Home Equity Line of Credit (HELOC) is a revolving line of credit that allows you to borrow against the equity in your home as needed, up to a certain limit. It works similarly to a credit card, where you can borrow, repay, and borrow again during the draw period. On the other hand, a Home Equity Loan (HELoan) is a lump-sum loan with a fixed interest rate and fixed monthly payments, also secured by the equity in your home. A HELOC offers more flexibility, while a HELoan provides the stability of predictable payments.