Because a HELOC lets you borrow money at a moment's notice, it's much more flexible than a traditional lump sum loan. (utahfirst.com)
Second mortgages are lump sum loans with fixed interest rates and fixed payment terms. (ezinearticles.com)
They are different from home equity loans in that you can draw money as you need it rather than taking out a single lump sum loan. (crosscountrymortgage.com)