Finance
A home equity line of credit (HELOC) in Alaska is best characterized as:
AA fixed-rate second mortgage for a specified amount
BA revolving credit line secured by the borrower's home equity✓ Correct
CA construction loan for home improvements
DA government-backed loan for energy-efficient improvements
Explanation
A HELOC is a revolving line of credit secured by the borrower's home equity. Like a credit card, the borrower can draw on the line up to the credit limit, repay it, and draw again. Interest rates are typically variable.
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