Home Equity Debt

Definition

  • Debt secured by your home.

Synonyms
in the red, outstandings, debt, mortgage

Related Terms and Acronyms

  • Debt Consolidation Definition,
    • The replacement of multiple loans with a single loan, often with a lower monthly payment and a longer repayment period. It's also called a consolidation loan. CanEquity has access to Canada's best debt consolidation products, for more info about debt consolidation see our debt consolidation page.
  • Home Equity Line of Credit (HELOC) Acronym, Very Important,
    • An open-ended loan, paid as revolving debt, that is backed by the equity in the property.
    Also known as a Home Line of Credit.
  • Home Equity Loan (HEL) Acronym, Very Important,
    • A loan that can replace or be an addition to the first mortgage. Typically used as a home improvement loan.
    Also known as an Equity Take Out (ETO).
  • Secured Debt Definition,
    • A debt that is secured by a lien on debtor's property that may be taken by the creditor in case of non-payment by the debtor. A common example is a mortgage loan.
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