home equity loan


home equity loan
home equity loan see loan

Merriam-Webster’s Dictionary of Law. . 1996.

home equity loan
n.
A loan in which a lender gives money to a borrower in exchange for a lien on the borrower’s house, using the borrower’s equity in his or her house as collateral.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.

Look at other dictionaries:

  • home equity loan — ➔ loan1 * * * home equity loan UK US noun [C] FINANCE, PROPERTY ► a loan that uses your home equity as a guarantee that the money you borrow will be paid back: »We purchased a fixed rate home equity loan with a regular payback period …   Financial and business terms

  • Home equity loan — A home equity loan (sometimes abbreviated HEL) is a type of loan in which the borrower uses the equity in their home as collateral. These loans are sometimes useful to help finance major home repairs, medical bills or college education. A home… …   Wikipedia

  • Home-Equity Loan — A consumer loan secured by a second mortgage, allowing home owners to borrow against their equity in the home. The loan is based on the difference between the homeowner s equity and the home s current market value. The mortgage also provides… …   Investment dictionary

  • home equity loan —    a second mortgage    The security being deferred to the first mortgagee, the terms are onerous and only accepted by those in dire financial straits:     Home equity loan sounded ever so much more palatable than second mortgage . (M. Thomas,… …   How not to say what you mean: A dictionary of euphemisms

  • home equity loan — noun a loan secured by equity value in the borrower s home • Syn: ↑home loan, ↑home equity credit, ↑equity credit line • Hypernyms: ↑consumer credit, ↑loan …   Useful english dictionary

  • Home equity — is the value of a homeowner s unencumbered interest in their property, i.e. the difference between the home s fair market value and the unpaid balance of the mortgage and any outstanding debt over the home. Equity increases as the mortgage is… …   Wikipedia

  • home equity line — n: home equity loan at loan Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • home equity line of credit — home equity line of credit: home equity loan at loan Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • equity loan — n: home equity loan at loan Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • home 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.… …   Law dictionary


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