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Definitions from WordNet

Definitions from the Web

Term: Home Equity Loan

Description: A home equity loan is a type of loan that allows homeowners to borrow money using their home's equity as collateral. The loan amount is determined by the difference between the home's market value and the outstanding mortgage balance. Home equity loans are often used for large expenses such as home renovations, medical bills, or education costs.

Sample Sentences:

1. She decided to take out a home equity loan to finance the construction of a new swimming pool in her backyard.
2. The couple used a home equity loan to pay off their high-interest credit card debt.
3. With a home equity loan, you can tap into the value of your home to fund important expenses.

Possible Related Products:

• Home Equity Loan Lenders
• Books about Home Equity Loans
• Home Renovation Guides