A home equity loan allows you to borrow money using the equity in your home as collateral.  The loan is secured by your home.  GRCCU offered two types of home equity loans.  A Fixed Rate Home Equity Loan is a lump sum loan where you apply for a one-time lump sum and pay it back with a fixed rate and fixed monthly payment over a set term.  A Home Equity Line of Credit (HELOC) is a revovling line of credit, similar to a credit card, that uses your home as collateral.  You can borrow up to a certain amount, pay interest only on the borrowed amount, and as you repay the principal paid is available to you to use again as needed.  HELOC's typically have a variable interest rate that adjusts with the Prime Rate. Learn more about GRCCU's Home Equity Loans here.