Can you have both a HELOC and a home equity loan?

There are multiple ways to tap into your home equity, and each option offers a unique set of benefits to borrowers. MicroStockHub/Getty Images

Homeowners have been leaning on their equity more often this year, and not just for big renovations, either. With interest rates gradually easing after the Federal Reserve's recent cuts, and household budgets still feeling the effects of years of elevated inflation, tapping home equity has become a popular way to consolidate debt, manage unexpected expenses or even lock in money for future goals. And as borrowers explore their options , many are also discovering that one product alone may not meet every financial need.

A home equity loan , for example, offers predictability via a lump sum loan amount with a fixed interest rate