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I am reading about a personal finance situation in which "A 78 year old widow wanted to help her nephew raise money on the security of her house, provided she can remain there for life.

I'd like to better understand the meaning of that quote "raise money on the security of the house."

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    To the OP - I see this question in the queue for closure. I've edited in an attempt to avoid the unnecessary use of an image, and to remove the focus that the material was from a book on contract law. What remains, the essence of your question, should be considered on topic. And keeps the validity of the current answer, 100%. – JoeTaxpayer May 15 at 11:58
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It means using the house as collateral when taking out a loan. The common types of secured loans would be mortgages and "equity release" loans.

If the loan is not repaid when it is due, the lender can repossess the house and force its sale in order to repay the loan.

The use of the word "security" is being used to make it clear that the house is being used as collateral. You can take out a bank loan, for instance to make improvements to a home, without using it as security.

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