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Home equity loan ABS are asset-backed securities that are backed by pools of home equity loans. Home equity loans are loans that allow homeowners to borrow against the equity in their property, which is the difference between the market value and the outstanding mortgage balance. Home equity loan ABS differ from home equity line of credit (HELOC) ABS in several ways. HELOCs are revolving lines of credit that allow borrowers to draw funds as needed, up to a certain limit, and repay them over time.