Home Equity Loan — Fixed rate, lump sum disbursement, fixed monthly payment. Predictable and simple. Good for one-time large expenses.
HELOC — Revolving credit line, variable rate, flexible draws. Draw period is interest-only; then P+I repayment begins. Good for ongoing or uncertain expenses.
Tax deductibility — Interest may be deductible if proceeds are used to "buy, build, or substantially improve" the home (consult a tax advisor).
Home equity loan vs HELOC comparison with available equity, LTV, and monthly payment.