Finance
A Kentucky homeowner with excellent credit wants to access their home's equity without refinancing the first mortgage. The best option is typically a:
ASecond mortgage or home equity line of credit (HELOC)✓ Correct
BCash-out refinance of the first mortgage
CPersonal unsecured loan
DReverse mortgage
Explanation
A home equity line of credit (HELOC) or home equity loan allows homeowners to access equity without disturbing their existing first mortgage. This is particularly advantageous when the existing mortgage has a lower interest rate than current refinance rates.
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