Collateral

Security in the form of money or property pledged for the payment of a loan. For example, on a home loan, the home is the collateral and can be taken away from the borrower if mortgage payments are not made. Home and car loans are secured debt. Most credit card debt is unsecured.

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How to Use a Home Equity Loan or HELOC

June 7, 2019 Mary Van Keuren

As home prices continue to climb, home equity loans and lines of credit are becoming potential sources of extra cash for a growing number of homeowners. But you still need to be very careful when tapping the value of your home.

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Collateral, Home equity line of credit (HELOC), Home equity loan