Home Equity Loan
From Open Risk Manual
Revision as of 15:28, 22 March 2021 by Wiki admin (talk | contribs) (Created page with "== Definition == '''Home Equity Loan''' (sometimes referred to as a second mortgage) usually allows homeowners to borrow a lump sum against their current home equity for a fix...")
Definition
Home Equity Loan (sometimes referred to as a second mortgage) usually allows homeowners to borrow a lump sum against their current home equity for a fixed rate over a fixed period of time.
Usually, home equity loans are used to finance large expenditures, such as home repairs or college tuition.
