Home Equity Debt
- Debt secured by your home.
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,
➥ Also known as a Home Line of Credit.
- An open-ended loan, paid as revolving debt, that is backed by the equity in the property.
- Home Equity Loan (HEL) — Acronym, Very Important,
➥ Also known as an Equity Take Out (ETO).
- A loan that can replace or be an addition to the first mortgage. Typically used as a home improvement loan.
- 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.