Home Equity Line Of Credit Financial Glossary

What is it? A type of mortgage loan that provides the ability to access funds at any time and any amount, up to the maximum credit limit or line. Repayment is secured by a second mortgage, and is based on the equity in your home. Specified interest paid is usually tax deductible. Often used for home improvements, major purchases or expenses, and debt consolidation.

Finance Term Definition Added By: Steven

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