Tag "home equity"
Home equity is usually viewed as the difference between the market value of your home and the debts pending on the house in question. It can be set up as a line of credit which will provide you with a source of funds that you can tap into when need be.
Home loans can come in variety of offerings including primary or first mortgages and so-called second mortgages such as home equity loans and home equity of lines of credit. The term “second mortgage” is not commonly used, but it does accurately describe how such loans are handled.