Home Equity Loan
The term 'home equity loan' is often used synonymously with the word 'mortgage', but depending one who you ask, the defintion of home equity loan might differ. Generally speaking, a home equity loan is any loan that is secured by residential home. This means that if you default on a home equity loan, the lender has some rights to the home in order to ensure that the loan is repaid.
Home equity loans may be used for things such as home improvement, or other large purchases, and can often be a source of cash when you need it. Some may even use a home equity loan as a means of debt consolidation of other debts such as credit cards.