A home equity loan is a form of credit where your home is used as collateral to borrow money. It’s typically used to pay for major expenses (education, medical bills, and home repairs). However, if you cannot pay back the loan, the lender could foreclose on your home.
There are two types of home equity loans:
- Lump-sum – This is a one-time, closed-end loan that usually has a fixed interest rate.
- The revolving line of credit – You can withdraw the funds at any time for more flexibility. These usually have adjustable interest rates.
For more information, refer to What You Should Know About Home Equity Lines of Credit (PDF, Download Adobe Reader), a guide by the Federal Reserve Board.
Sample of Homes for Rent:
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