A home equity loan you get all the money up front. A home equity line of credit you have the money available and can use it as needed. With a loan you pay interest on the whole amount. With a line of credit you pay interest only on the amount that you have used.

Also with a line of credit your interest rate usually fluctuates. So the rate you pay now will most likely go up in the future.

A home equity loan usually has a fixed re-payment term and interest rate.