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home equity loan

American  
[hohm ek-wi-tee lohn] / ˈhoʊm ˈɛk wɪ ti ˌloʊn /
Or home-equity loan

noun

Personal Finance.

  1. a loan above and beyond a mortgage that a homeowner can take out to generate cash, using the equity in the home as collateral.

Etymology

Origin of home equity loan

First recorded in 1980–85

Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023

Idioms from The American Heritage® Idioms Dictionary copyright © 2002, 2001, 1995 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company.