Home equity conversion involves the process of liquidating all or a portion of the equity in one's home. This can be achieved through various financial products aimed at providing the homeowner with cash while retaining the right to live in the home.
A homeowner's equity account is a credit line offered by banks and brokerage firms, allowing homeowners to access the equity built up in their homes. This type of account acts as a revolving credit second mortgage.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.