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equity loan
(redirected from Equity lona)

   Also found in: Wikipedia 0.02 sec.
equity loan

A line of credit secured by the equity in the borrower's home.It is open ended,meaning the borrower may take advances, pay down the line to reestablish it, and then take advances against it as needed; usually renewed on an annual basis, with adjustable interest rates tied to the lender's prime rate.(Often called a HELOC—home equity line of credit.)



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