home 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)

Dictionary of banking and finance. 2015.

Look at other dictionaries:

  • home 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 …   Useful english dictionary

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

  • 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 Protection — generally comes in the form of a contract that pays the buyer of protection if a particular home price index declines in value. The buyer of protection is typically a homeowner that wishes to protect the value of their home [cite web… …   Wikipedia

  • 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

  • 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 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… …   Investment dictionary

  • 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 — 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 …   Investment dictionary

  • Home 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… …   Investment dictionary

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