Glossary

Short definitions for life-change equity language. Follow the link on each term to the guide or tool that answers the full question.

Terms

Buyout share

The percentage of net equity one owner pays another to keep the home. Enter the share and home value in the buyout calculator — do not assume a 50/50 split without your decree or agreement. Read more

Confirmed successor in interest

A servicer determination under federal servicing rules that a person has an ownership interest in the secured property. See the successor guide for what confirmation does and does not decide. Read more

Bridge financing

Short-term financing that may cover overlap when you buy before you sell. Model carrying costs with your own payments in the bridge cost tool. Read more

Due-on-sale exemption

A federal provision that may limit when a lender exercises a due-on-sale clause on certain transfers to relatives. It does not cancel the debt. Read more

Equity consolidation

Using home equity to pay other debts. Compare entered payments in the consolidation tool — debt payoff math is owned by mydebtfreetools.com. Read more

Loan assumption

A process where a new borrower takes over an existing note with lender approval. Contrast with refinance in the assumption guide. Read more

Non-contingent offer

A purchase offer that does not depend on selling your current home first. Often requires a pre-approval letter and a bridge or cash plan. Read more

Probate property

Real estate that passes through estate administration rather than by survivorship deed. Heirs choose retain, sell, or refinance paths after ownership and servicer questions are clear. Read more

Retain vs sell

Side-by-side comparison of monthly housing cost and cash if you keep the property versus sell it. Use the equity transition calculator retain/sell section. Read more