The way a home equity loan works is you borrow up to a certain amount for the life of the home mortgage and have a time limit set by the lender to pay back the home equity loan.
On a home equity loan you withdraw money from the amount as you need it and pay it back as you use it.
It's kind of like using a credit card when you take out a home equity loan.
Only take out a home equity loan if you absolutely need to and can actually pay it back otherwise you may lose your home.
You'll also need a pretty good credit score of 700 in order to qualify for the home equity loan however I got a home equity loan with a credit score of 621 but it was hard to do.