What can I do to my home mortgage payment?

My goal is to:

a) Reduce my monthly morgage payment


b) keep the monthly payment around the same but, shorten the term to 15 yrs.

I have a 6.4% 25 yr. “home equity loan” (already did a zero cost equity refinance in 2004) on my home in Texas. I owe about $ 181,000 with the value of the home around $ 263,000. I plan to stay in the house another 5-6 years.

I am told that I cannot convert my current “home equity” loan to a “fixed” loan. Right now, the home equity rates are around 8%. Is this all true, that I have to stay with a home equity loan? Do I have any options to achieve either of my goals of a) or b) above?

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