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JTWROS

A "joint tenancy with right of survivorship" or "JTWROS" refers to the ownership of property by two or more individuals, which the joint owners have a right of survivorship, meaning that if one owner dies, that owner's interest in the property will automatically pass to the remaining owners. The deceased owner's property cannot be inherited by his heirs or bequeathed under a will. Under this type of ownership, the last owner living succeeds to all of the interest in the property. This type of ownership structure is sometimes seen in husband and wife and parent and child situations for home ownership and for brokerage accounts.

 

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   Home Equity Loan

A "home equity loan" is loan or line of credit that is secured by the borrower's equity in his or her home. The home equity loan is usually a form of second mortgage (the first mortgage typically being the loan used to purchase the home), and the amount of the loan is determined by the amount of equity (the fair market value of a home minus the amount still owed on the home under the first mortgage). Home equity loans are typically adjustable-rate mortgages, and they usually have lower starting interest rates than other second mortgages. While home equity loans have become a popular way to borrow money, it is important to understand that the home which secures the loan could be sold in the event of default.
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