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home equity loan
[hohm ek-wi-tee lohn]
noun
a loan above and beyond a mortgage that a homeowner can take out to generate cash, using the equity in the home as collateral.
51Թ History and Origins
Origin of home equity loan1
Example Sentences
A home equity loan or home equity line of credit might be options if the couple have good credit, sufficient income to make the payments and a cooperative lender.
He also pleaded guilty to signing off on a home equity loan application that understated his financial liabilities.
Is it remotely possible that he would nevertheless take out a home equity loan and pay Daniels $130,000 without Trump’s knowledge and direction?
For one, Katyal said Monday night, the idea that Michael Cohen would have decided to pay off Daniels – and take out a home equity loan – of his own volition, without consulting Trump, is “thoroughly implausible.”
Others have borrowed against their homes to put cash in their pockets, either with a reverse mortgage, home equity loan or cash-out refinance.
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