A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. There is no restriction on how we can use the money from Home Equity Loan.

True, home equity loan.

If you have equity, you can get an equity loan

Yes. Once a home equity loan, always a home equity loan; but there are certain programs that give breaks in rate to previous home equity acquisitioners.

As soon as you have equity to borrow against. If you put a considerable down payment on a home you could get a home equity loan the next day. If you put 0 down than it will be several years before you have enough equity to get a home equity loan.