The short version
There are two common ways to borrow against the equity in the home you live in without replacing your first mortgage: a home equity line of credit, or HELOC, and a home-equity loan. Either way, the home secures the debt.
I place both in Georgia and Florida, for the home you live in.
A HELOC
A HELOC is a line of credit against the equity in the home you live in, usually behind your first mortgage. You draw on it as you need it, then pay it back.
Because it's a line rather than a lump sum, what's owed depends on what's been drawn. A lender can freeze or reduce a line in some circumstances, such as a significant drop in the home's value.
A home-equity loan
A home-equity loan is a lump sum, borrowed against the home you live in and repaid over time. It's sometimes called a closed-end second mortgage.
What they have in common
Both keep the first mortgage you already have in place, and both make the home the security for the debt. That's worth weighing before using either one to pay off other debts, which would then be secured by the home.
A common misreading
A common belief is that reaching your equity means refinancing the whole first mortgage. It doesn't have to. A HELOC or a home-equity loan sits alongside the first mortgage instead of replacing it. A cash-out refinance, which does replace it, is a different choice with its own trade-offs.
Which one fits
One way to think about it is how the money will be used: one known cost now, or costs that arrive over time. How each one works in detail varies by lender, and the specifics are in the disclosures for that loan.
The paperwork differs too. A HELOC comes with its own early disclosures and the CFPB's booklet on home equity lines of credit, rather than a Loan Estimate. A home-equity loan comes with a Loan Estimate.
From the source
The CFPB explains how home equity lines of credit work, in a short answer and in its booklet:
Questions? Ask Joe
How this applies to your situation is something I can go through with you personally, as a licensed loan officer. Florida (561) 320-2211 or Georgia (678) 289-6600, call or text. Or email info@homeexpress.com.
Talk to Joe