What is a home equity loan?
user
Home equity loans are a financial product that allows you to borrow against your home, up to a certain limit.  The interest rate is generally low, and the terms are fairly generous.
assistant
So they take your home as collateral?
user
It's a different sort of collateral than a mortgage is, it's much less like an investment.  And also the loan term is generally shorter.
assistant
What is a home equity loan?
user
Home equity loans are a financial product that allows you to borrow against your home, up to a certain limit.  The interest rate is generally low, and the terms are fairly generous.
assistant
So they take your home as collateral?
user
If you don’t repay the loan they can take your house, yes.
assistant
What is a home equity loan?