Hereditaments Property, personal and real, capable of being inherited. The particular use of a real property which will produce the greatest financial return. The optimum use of a site as used in appraisal. Holographic Will Will written in the testator's handwriting and not witnessed. 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 for investment in other real estate or investment. Recommended by many to replace or substitute for consumer loans whose interest is not tax-deductible, such as auto or boat loans, credit card debt, medical debt, and education loans. An association of people who own homes in a given area for the purpose of improving or maintaining the quality of the area. Land, and the improvements thereon, designated by the owner as his homestead and, therefore, protected by state law from forced sale by certain creditors of the owner. HUD 1 Settlement statement mandated by the US Department of Housing and Urban Development.