Home equity loans and HELOCs are second mortgages allowing you to borrow against your home's equity. Home equity loans provide a lump sum with fixed interest and payments, ideal for large, known expenses. HELOCs offer a revolving credit line with variable rates, suitable for ongoing or unpredictable costs. Both may have tax-deductible interest if used for home improvements. Qualification requires good credit, sufficient equity, and income. Alternatives include cash-out refinancing, personal loans, and reverse mortgages.