InvestorWords.com

home equity loan


Definition
A loan secured by a primary residence or second home to the extent of the excess of fair market value over the debt incurred in the purchase.

Featured Tip

Borrowing Against Your Home (aka, Reverse Mortgages)Be cautious when borrowing against the "equity" in your home. If you have property valued at $300,000 and you owe $100,000 on your mortgage, your equity is $200,000. Home equity loans and lines of cre ... Read more


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