What is a "home equity line"?

What is a "home equity line"?

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A useful tool that individuals can utilize to consolidate other kinds of debt, or to do home improvements is a home equity line. A home equity line is a line of credit, meaning it's an amount of money that can be withdrawn, that is based upon the value of residence that the individual lives in. Ordinarily there is a first mortgage on the property. The home equity line will usually be a second mortgage on the property.