Explain HELOC vs Home Equity loan to me

[Christian Friend]

Hey all, got a question about HELOC vs home equity loans.

Lets say I want to buy and investment property that is $30,000. (For this lets assume it will cash flow, etc) The down payment for this property lets say is $6,000.

Lets say I own a home worth ~475,000 and I owe ~445,000 on the mortgage. Would I be able to borrow against my current home to fund the $6k down payment? 

Lets say it was determined the property need $10,000 in repairs for a total of $40,000. If I didn't have or didn't want to spend the cash, could I borrow $8k against my house? Would a seller consider that a down payment?

Finally, what is the difference between a HELOC and the home equity loan? I am having trouble sorting that out.

[Craig Jeppesen]

It looks like you are about 94 ltv so you don’t have enough equity to get a heloc. You typically need to be less than 80% ltv. If you had a house worth $100 k and you owed $60k, you could get a heloc for $20 k. A heloc is a line of credit which works a credit card where you have access to it when you want and only pay interest when you advance on it. A home equity loan is an installment loan like a car loan where you get the funds upfront and have a monthly payment until it is paid off.