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Home > Terms > English, UK (UE) > Home equity loan
Home equity loan
A mortgage loan, which is usually in a subordinate position, which allows the borrower to obtain multiple advances of the loan proceeds at his or her own discretion, up to an amount that represents a specified percentage of the borrower's equity in a property.
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- Part of Speech: noun
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- Industry/Domain: Business services
- Category: Relocation
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