Finance
What is a 'home equity line of credit' (HELOC) and how might Kansas homeowners use it?
AA fixed-term home equity loan
BA revolving line of credit secured by home equity, allowing homeowners to borrow, repay, and borrow again up to a credit limit during the draw period✓ Correct
CA government program for home improvements
DA type of reverse mortgage
Explanation
A HELOC is a revolving credit line secured by the borrower's home equity. Kansas homeowners use HELOCs for renovations, education, debt consolidation, or emergencies. Interest rates are typically variable.
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