What is 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.

For example, if a person owns a home worth $100,000, but does not currently 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.


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