We recently applied at US Bank and closed today on a home equity loan of $50,000 @ 4.94% fixed rate for 20 years. Our plan is to pay it off very early. We need cash to tide us over for 2 years when we will qualify for medicare. Due to layoff in 2018, we lost our health insurance and the Afforable Care Act has limits on income to gain the subsidy. The subsidy amounts to over $1,000/mo, so it's worth qualifying. Borrowed money doesn't raise our adjusted gross income.
Very pleased and quite surprised at this low fixed rate loan that most banks don't offer. The home equity lines of credit are everywhere, but a fixed rate equity loan at a decent rate is somewhat less common. They were called 2nd mortgages 20 years ago, back when you could assume the sellers first mortgage and then get a new 2nd to cover the purchase price.
So just putting this out there for others who may be in a similar situation. I have no affiliation with US Bank.