What is the difference between a mortgage and a home equity loan?

April 1, 2009 by Debt Equity Financing  
Filed under More Equity Answers

Can you answer BC’s question about Equity?:

I own a home that is paid off but would like to take out a loan to fund some home improvements as well as help my parents pay off their home equity loan. Given this scenario can I take out a mortgage since mortgage rates are lower or am I limited to a home equity loan. I’m not interested in HELOC’s.

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