What is a HELOC (Home Equity Line of Credit)?
It works like a credit card, but your house is used as the collateral. You can borrow money up to a certain limit based on your home's value, minus what you still owe on your mortgage. You must own a home and have built up equity in it

What is the difference between HELOC & Home Equity Loan? 
With a HELOC you borrow funds as needed during a set time and the interest rate can change.
With a Home Equity Loan you get all the money at once, with a fixed interest rate and monthly payments-good for big, one-time costs.