HLOC or Mortgage ?

[Account Closed]

Hello BP.

I wonder what you think about different of HELOC and Mortgage?

Say for example, I have $200K equity that I can either do

Option 1: Cash out refinance and pull money out to have cash in bank with Interest locked in for 20 year.

or Option 2: I can open up HELOC( Home Equity line of credit ) for $200k at little higher interest and not pay interest unless I use it.

Which option would you do ? and Why