A nationally recognized energy rating program that gives builders, mortgage lenders, secondary lending markets, homeowners, sellers, and buyers a precise evaluation of energy losing deficiencies in homes. Builders can use this system to gauge the energy quality in their home and also to have a star rating on their home to compare to other similarly built homes.
Home equity conversion mortgage
Also known as reverse mortgage, this loan is made to older owners to convert their equity into money. Borrowers are qualified on the basis of the value of their homes. This is not the same as a home equity loan.
Home equity line of credit
A loan providing you with the ability to borrow funds at the time and in the amount you choose, up to a maximum credit limit for which you have qualified. Repayment is secured by the equity in your home. Often used for home improvements, major purchases or expenses, and debt consolidation.
Home equity loan
A fixed or adjustable rate loan obtained for a variety of purposes, secured by the equity in your home. Interest paid is usually tax-deductible. Often used for home improvement or freeing of equity investment in other real estate or investment.
Home improvement loan
Loan used to pay for major remodeling, reconstruction or additions to the home, usually a second mortgage.
Home inspection
Examination of a home's condition, internal systems or construction prior to purchase.
Home inspector
Professional who does home inspections and evaluates the structural soundness and operating systems of a home.
Home inventory
Listing of items and their costs of an individual's possessions at his residence.
Home loan
Also known as a mortgage, it is a lien that makes property security for the repayment of a debt, such as the one incurred upon purchase of that home.
