Getting one's hands on an extra pile of cash has seldom been easier for homeowners than it is today, thanks to the recent deluge of home equity lending offers.

Indeed, both lines of credit and traditional home equity loans, or second mortgages, can help make planned house repairs and additions a reality.

Yet consumers should consider several things before jumping into either financing product, experts say. That's because home equity lines of credit typically are a good deal for those who want a lower up-front rate and access to money at unpredictable times. However, home equity loans are better suited to those who need a specific amount of money and payment stability

Line of credit vs. equity loan

The most important difference is how you receive your loan funds. With a home equity line of credit, you borrow the money as needed (up to the credit limit). With a home equity loan, you get the entire loan amount right away.

See the chart below for more information.