Home equity loans and traditional mortgage loans both use your home as collateral, or backing, for the debt. This means that the lender can seize the home if you don't keep up with your payments.

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Second home mortgages can be beneficial if you want to invest in a vacation home or a short-term rental. However, rates often change based on market conditions.

A home equity loan is a second mortgage. It takes some of the equity that you’ve accrued in your home — typically no more than 80% — and converts it into debt in exchange for a lump sum of cash.

Home equity loans usually have lower rates, but your home is collateral for the loan. Personal loans may be better for debt consolidation; home equity loans have tax benefits for home improvements.

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