What is the difference between a mortgage and a home equity loan?

I own a home that is paid off but would like to take out a loan to fund some home improvements as well as help my parents pay off their home equity loan. Given this scenario can I take out a mortgage since mortgage rates are lower or am I limited to a home equity loan. I’m not interested in HELOC’s.

I have several remodel contractors which write contract, average size is under $ 15k and quite often under 10K . They are looking for a lending solution for their clients. I am currently unable to provide this as a mortgage loan originator. I want to remedy this and add signature/remodel/credit card options. I am looking for reputable, stable companies to affiliate with. Your help is appreciated.

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