By Kevin Brouillard. May 19, 2026 · 8 minute read This content may include information about products, features, and/or services that SoFi does not provide and is intended to be educational in nature. Homeowners can borrow against their home equity to pay for renovations, consolidate debt, or cover other expenses. While both home equity loans (HELOANs) and home equity lines of credit (HELOCs) are financing options secured with your home, there are key differences to consider.