Home equity loans are typically used to finance medical bills, major home renovations, or to send the kids to college. They come in two types, open end and closed end. How do these two kinds of home equity loans differ? Typically, closed-end home equity loans may be amortized up to 15 years. They also have fixed interest rates. On the other hand, an open end home equity loan is actually a credit loan that is said to be revolving. The borrower may choose when and how frequently he can borrow against the property's equity. Naturally, the lender sets an initial limit on the credit based on the borrower's ability to pay. This section provides more resource about home equity loans.