home equity loan
11home equity — The current market value of a house minus how much is owed on it. A home equity loan borrows against this amount. Category: Real Estate & Rental Property → Homeowners Nolo’s Plain English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill.… …
12Home Equity Conversion Mortgage - HECM — A type of Federal Housing Administration (FHA) insured reverse mortgage. Home Equity Conversion Mortgages allow seniors to convert the equity in their home to cash. The amount that may be borrowed is based on the appraised value of the home… …
13home equity credit — noun a loan secured by equity value in the borrower s home • Syn: ↑home loan, ↑home equity loan, ↑equity credit line • Hypernyms: ↑consumer credit, ↑loan …
14Home Equity — The value of ownership built up in a home or property that represents the current market value of the house less any remaining mortgage payments. This value is built up over time as the property owner pays off the mortgage and the market value of …
15home equity — UK US noun [U] ► FINANCE, PROPERTY the amount of money that someone would receive if they sold their house, after paying what remains of the mortgage: »Do you purchase a loan in the UK? In the US, you take out a loan …
16Equity loan — An equity loan is a mortgage placed on real estate in exchange for cash to the borrower. For example, if a person owns a home worth $100,000, but does not currently have a lien on it, they may take an equity loan at 80% loan to value (LTV) or $80 …
17home-equity — adj. Home equity is used with these nouns: ↑loan …
18Home Equity Line Of Credit - HELOC — A line of credit extended to a homeowner that uses the borrower s home as collateral. Once a maximum loan balance is established, the homeowner may draw on the line of credit at his or her discretion. Interest is charged on a predetermined… …
19home equity credit — /ˌhəυm ekwɪti ˌkredɪt/ noun a loan made to a homeowner against the security of the equity in his or her property (i.e. the value of the property now less the amount outstanding on any mortgage) …
20loan — n 1 a: money lent at interest b: something lent usu. for the borrower s temporary use 2: a transfer or delivery of money from one party to another with the express or implied agreement that the sum will be repaid regardless of contingency and usu …
