Is it cosidered the same as a mortgage?

More or less. I think the principal difference is that the borrower didn't purchase the home with it; it's borrowed on an already-owned home. The detailed terms of the mortgage might be a bit different, but it's still a secured loan.

See Home equity loan.

A mortgage is any type of loan where the property is used as collateral for the loan. When a person takes out a mortgage as part of the purchase of property it is called a purchase money mortgage. When a person takes out a mortgage on property that they already own it is usually called a home equity loan.

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Originally Posted by LisaB4657

A mortgage is any type of loan where the property is used as collateral for the loan. ...

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Well, a deed of trust is a real property collateral arrangement too. But they serve the same purpose.