home equity debt

Definition

Debt secured by a primary residence or second home to the extent of the excess of fair market value over acquisition debt.

Use home equity debt in a sentence

You need to make sure that you do not get to much home equity debt or it will take a long time to pay it off.

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When my children went to college, I arranged to pay for their education by taking out a significant amount of home equity debt.

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The interest paid on the home equity debt obtained to acquire my new car is tax deductible pursuant to Internal Revenue Service guidelines.

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home equity credit home equity line