April 8, 2026 ~ Lucy Ann Lance is joined by Nicole Bernacik, Financial Education Specialist, University of Michigan Credit Union for Money Monday! Nicole explains three ways to access home equity: cash-out refinance, home equity loans, and home equity lines of credit (HELOCs). A cash-out refinance involves a new, larger mortgage to pay off an existing one, while a home equity loan is a separate fixed-rate loan providing a lump sum. A HELOC acts like a credit card against your home’s equity, allowing variable spending and payments during a draw period.