House equity loan

House equity loan

Financial Definition of home equity loan

A property equity loan (HEL), also referred to as a 2nd home loan, is that loan secured by the equity in a home. Equity equals the worthiness associated with home less the total amount owed from the home owner’s home loan.

House equity loans are generally utilized to invest in expenses that are major such as for instance medical bills, house remodeling or perhaps an university training. Continue reading “House equity loan”