A collateralized revolving line of credit issued by a lender as a second mortgage on the equity available in a house. A typical credit limit on an equity account is 70% to 80% of the appraised value of the home, less the amount owed on a first mortgage.
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Credit line offered by banks and brokerage firms allowing a homeowner to tap the built-up equity in his or her home.
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Definition of homeowner's equity account: A collateralized revolving line of credit issued by a lender as a second mortgage on the equity available in a house.
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Homeowner's equity account. A credit line offered by mortgage lenders allowing a homeowner a second mortgage that uses the equity present in the customer's ...
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Homeowner's equity account: A credit line offered by mortgage lenders allowing a homeowner a second mortgage that uses the equity present in the customer's ...