What is equity loan?

Equity Loan

An equity loan is a mortgage loan in which the borrower receives money. Typically the loan is secured by real estate already owned outright.

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Some articles on equity loan:

Equity Loan
... An equity loan is a mortgage loan in which the borrower receives money ... Typically the loan is secured by real estate already owned outright ... have a mortgage on it, they may take an equity loan at 80% loan to value (LTV) or $80,000 in cash in exchange for a mortgage on the title ...
Places For People - Finances
... In April 2008 Places For People launched the Ownhome equity loan scheme in partnership with the Co-operative Bank ... between 60-80% of value with the balance funded via an equity loan from Places for People ... ended in April 2010 when funding support for the equity loan was withdrawn by the government ...

Famous quotes containing the words loan and/or equity:

    ... the ... thing I am proudest of in my whole business life is that I do not take, that I never took in all my life, and never, never! will take, one single penny more than 6% on any loan or any contract.
    Hetty Green (1834–1916)

    If equity and human natural reason were allowed there would be no law, there would be no lawyers.
    Christina Stead (1902–1983)