Finance
An Iowa borrower has a home equity line of credit (HELOC) secured by their residence. This instrument is best described as a:
AFirst mortgage
BRevolving line of credit secured by real property✓ Correct
CFixed-rate installment loan
DUnsecured personal loan
Explanation
A HELOC is a revolving line of credit secured by the borrower's home equity. The borrower can draw funds as needed up to a limit, making it flexible but subject to variable interest rates.
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