Finance
A Connecticut home equity loan differs from a HELOC in that a home equity loan:
AIs a revolving line of credit
BProvides a lump sum at closing with fixed monthly payments✓ Correct
CHas no interest charges
DIs not secured by the home
Explanation
A home equity loan provides a lump-sum disbursement at closing with a fixed interest rate and regular monthly principal and interest payments. A HELOC is a revolving line of credit with variable rates.
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