In case you are wondering if Home Equity Loans and Home Equity Lines of Credit are the same thing the answer is no. They are both of second mortgages but Home Equity Loans are different. They have you receive a lump sum of money. Home Equity Lines of Credit are not received as a mass of cash all at once and instead paid out in increments. Home Equity Loans have fixed interest rates. Home Equity Lines of Credit are free from many up-front fees and their interest rate changes over time according the to the Federal Reserves’ nationally implemented interest rate.