home equity loan

Definition of "home equity loan"
  1. A loan that uses the borrower's house as collateral, typically used for renovations or debt consolidation
How to use "home equity loan" in a sentence
  1. He secured a home equity loan to renovate his kitchen and bathroom.
  2. To consolidate her credit card debts, she considered a home equity loan.
  3. They used a home equity loan to finance their child's college education.

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