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Home Equity Loan A loan or credit line secured by the investment you've made in your home. You can convert the equity in your home into cash whenever you need it with a home equity loan. This self-activated open-end line of credit gives you the ability to draw against your pre-approved credit limit at any time and for any purpose. The interest rate is much lower than other types of consumer loans and the interest you pay may be tax deductible (check with your tax consultant).
Last modified Tuesday August 08 2006 | ||||||||
