What is a temporary loan where the borrower may sell a home to purchase another?

The term you are looking for is indeed a bridge mortgage. This type of loan serves as a temporary financing solution for borrowers who need to buy a new home while they are still in the process of selling their current property. A bridge mortgage enables homeowners to take advantage of new property opportunities without having to wait for the sale of their existing home. Essentially, it fills the gap between the sale of one property and the purchase of another, providing the necessary funds to facilitate the transaction.

Bridge mortgages typically have a short term, often just a few months up to a year, and are intended for situations where time is of the essence. Once the original home is sold, the proceeds from that sale can be used to pay off the bridge loan. This type of financing can be beneficial in fast-moving real estate markets where finding a new home is a priority before a current home sells.

In contrast, other options like a home equity loan are designed for borrowing against the value of a home that a borrower still owns, while a renovation loan is specifically intended for funding improvements to a property. An emergency loan is less common in this context and typically addresses urgent financial needs rather than facilitating real estate transactions.