what is a heloc loan 
a heloc loan doesn t exist the term is a combination of two existing different loan products a home equity line of credit heloc and a home equity loan the bottom linea home equity loan can be a better choice financially than a heloc for those who know exactly how much equity they need to pull out and want the security of a fixed interest rate borrowers should take out home equity loans with caution when consolidating debt or financing home repairs it is easy to end up underwater on a mortgage if too much equity is pulled out leaving a borrower with ruined credit and a home in foreclosure 