Home equity is the value of a homeowner’s interest in their home. In other words, it is the property’s current market value minus any liens that are attached to that property. The equity in the property may change for a variety of causes,...
money and financial problems
homestead exemption
A homestead is a house, outbuildings and adjoining land owned by a person or a family and used as a residence.
A homestead exemption is a legal provision that prevents creditors from being paid off from a debtor's homestead...
hybrid adjustable rate mortgage
Hybrid adjustable rate mortgages (Hybrid ARM) are a type of mortgage whose interest remains fixed for a certain period then changes over time based upon a market index. In contrast, fixed rate mortgages made for 15, 20, or 30 years have a set...
hypothecate
Hypothecate means to pledge something as security for a loan, without the actual delivery of the item pledged. For example, a car may be collateral for a car loan, although possession remains with the borrower.
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improvement
In property and real estate law, an improvement is any positive permanent change to land that augments the property’s value. An improvement will cause positive change to the land, increase the value, and will allow the landowner to make...
in lieu
In lieu means “instead of” or “in the place of.” For example, a deed in lieu of foreclosure is a deed to a house offered to the lender by the homeowner so that the lender will not foreclose.
[Last updated in April of 2022 by the...
in-kind income
In-kind income is defined as any income other than money or cash. It can be in any form either in the form of benefits received by an employer or the government. Usually this term is used for the benefits received from the government for...
in-kind support and maintenance (ISM)
In-kind support and maintenance (ISM) is an unearned income which is attributable to an SSI recipient in the form of shelter or food. It may be provided by a family member within the same household or by anyone outside of the household. This...
incapacity
Incapacity is a term used across different areas of the legal landscape that reflects one’s inability to perform various functions.
Common uses include:
A lack of physical or mental/cognitive ability that results in a...income statement
The income statement (statement of income, statement of earnings, statement of operations, statement of comprehensive income) reports the accountant’s primary measure of performance of a business, revenues less expenses during the accounting...