Finance
In Arizona, a 'HELOC' (home equity line of credit) compared to a 'home equity loan' (second mortgage) differs primarily in that:
AA HELOC is a revolving credit line with variable rate; a home equity loan is a fixed-amount lump sum typically at a fixed rate✓ Correct
BA home equity loan is a line of credit; HELOC is a lump sum
CBoth are identical products with different names
DHELOCs are only available to primary residence owners
Explanation
A HELOC is revolving (like a credit card), with a draw period during which the borrower can borrow, repay, and borrow again, typically at a variable rate. A home equity loan (second mortgage) provides a lump sum at a fixed rate with set monthly payments.
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