By Eric Joranson
MoneyMix Contributor

So you sit cramped in that bath tub again. Make-believing its actually a swanky 6-jet jacuzzi. You know, the big air jets, just the right amount of bubbles. Palm fronds fanning you – beauties feeding you grapes. You just missed the champagne guy, but he'll be back – he always is. Such is life owning a hot tub.

Somewhere someone's making a film based on your life at this very second. Well, you have two choices. One, keep dreaming. Two, put on your towel and go get a home equity loan from your local credit union. Then maybe we can talk hot tubs…or something less frivolous like paying for a second degree to get that promotion.

home equity loans & lines of credit

Whether you're in the market for more luxurious living, or you just want to fix the roof leak in your two-car garage, consider two distinct ways of paying for it all: (1) a home equity loan, or (2) a home equity line of credit.

Home equity loans and lines of credit have become increasingly popular in recent years. The basic idea behind each is that you put part of your home up as collateral, and in return, you get a chunk of cash. The size the chunk ends up being is decided by how much "equity" you have in your home.