The noun GERBIL has 1 sense: 1. small Old World burrowing desert rodent with long soft pale fur and hind legs adapted for leaping. Familiarity information: GERBIL used as a noun is very rare.
The value of the house today is between $425,000 and $490,000. The house is currently rented for $2,500 per month to long-term tenants ($30,000 per year). They are on a month to month lease. Taxes of $5,925.04 were paid in March 2010.
So when you look at how much your home is actually worth, your home equity is the part that belongs to you because youâve paid for it. As time passes, your home equity increases when your house appreciates or gains value and you pay off more and more of your mortgage. Letâs refer back to our example.