You’ve got a big expense coming up and don’t know how to pay for it. Let’s look at how you can make your home equity work for you.

Look at Mike. He’s got the job. He’s got the car. He has a house, and he has plenty of equity. So how can he use that equity? He wants to use it to pay off some debt, remodel the kitchen and send his kid to college.

What are Mike’s options? He can get a home equity loan, or a home equity line of credit, also called a HELOC. Now, which one is best?

First, let’s ask: Does Mike know exactly how much he needs to borrow?

Then a home equity loan is worth a look. A home equity loan allows him to borrow that lump sum and then pay it off at a constant interest rate that won’t change up or down. And, he can pay it off at a set time — usually five to 15 years.

But, what if Mike doesn’t know how much he needs to borrow, or what if he needs to borrow over time?

Then a home equity line of credit, or HELOC, is the way to go. A HELOC works like a credit card, and the monthly payments vary depending upon the interest rate and the outstanding amount that he has borrowed.

Whether you want to use your home equity to consolidate debt, like Mike, or upgrade to your dream kitchen, or to send your children to college, find out what product works best for your situation with our home equity loan search engines at