Finance
What is a 'home equity line of credit' (HELOC) in Illinois real estate?
AA fixed-rate loan secured by home equity, disbursed in one lump sum
BA revolving line of credit secured by home equity, allowing borrowing, repayment, and reborrowing up to a set limit✓ Correct
CA government program providing emergency housing funds to homeowners
DAn Illinois-specific loan product for purchasing second homes
Explanation
A HELOC is a revolving line of credit secured by a second mortgage on the homeowner's primary residence (or other real property). Borrowers can draw funds, repay, and draw again up to the credit limit during the draw period.
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