home equity loan
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Definition(s):
- (n) a loan secured by equity value in the borrower's home
Synonym(s)
Usage(s):
- They had planned on being able to pay for their children's entire educations, but instead had to take out a home equity loan to help pay for college tuitions.
- He lost $15,000 and was forced to take out a home equity loan to cover his losses.
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