home equity loan

American  

[hohm ek-wi-tee lohn] / ˈhoʊm ˈɛk wɪ ti ˌloʊn /

Or home-equity loan

noun

Personal Finance.

1. a loan above and beyond a mortgage that a homeowner can take out to generate cash, using the equity in the home as collateral.

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Etymology

Origin of home equity loan

First recorded in 1980–85

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.

From Los Angeles Times

He also pleaded guilty to signing off on a home equity loan application that understated his financial liabilities.

From Seattle Times

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?

From Los Angeles Times

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.”

From Salon

Others have borrowed against their homes to put cash in their pockets, either with a reverse mortgage, home equity loan or cash-out refinance.

From Seattle Times