Definition: A mortgage secured by a personal residence. It provides a line of credit available for draws when needed by the homeowner.
Pronunciation: \ˈe-kwə-tē\
Used in a Sentence: We took out a home equity loan to pay for the kitchen remodel.
Definition: A mortgage secured by a personal residence. It provides a line of credit available for draws when needed by the homeowner.
Pronunciation: \ˈe-kwə-tē\
Used in a Sentence: We took out a home equity loan to pay for the kitchen remodel.