Home equity is the portion of a home's value that is "paid off."

Name: Home equity is the portion of a home's value that is "paid off."
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Home equity is the portion of a home's value that is not owed to the mortgage lender. It represents the amount of the house that the homeowner truly owns, and it can be accessed by either selling the property or taking out a home equity loan or line of credit. As a homeowner pays down their mortgage over time, their home equity increases.

Home Equity Is the Portion of a Home's Value That