Borrowing with your home's equity as collateral (the difference between your home's current value and what you owe on your mortgage) offers some major benefits.
Borrow up to a preset limit using checks or online banking. Variable interest rate tied to Prime Rate index. Funds are available as loan is repaid without reapplying.
Borrow at a fixed rate with terms up to 15 years; monthly payment stays constant throughout the loan term. Can be paid to you directly or you can designate the recipient.