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Meaning / Definition of

Joint-life Payout

Categories: Retirement and Pension,

One of two possible retirement benefit payout options. In this case the retiree chooses to receive their benefits payments, while also guaranteeing payments will continue for another person (usually a spouse) after their death. This option must usually be explicitly stated, as the single-life payout option is typically the default.

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Definition / Meaning of

Home Equity

Categories: Credit and Debt, Real Estate, Legal, ,

The current market value of a house minus how much is owed on it. A home equity loan borrows against this amount.

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