Finance
Which type of Massachusetts mortgage loan allows the borrower to draw funds as needed up to a pre-approved limit, similar to a credit card?
AFixed-rate mortgage
BBalloon mortgage
CHome Equity Line of Credit (HELOC)✓ Correct
DPackage mortgage
Explanation
A HELOC (Home Equity Line of Credit) is a revolving credit line secured by the home's equity, allowing the borrower to draw and repay funds as needed up to the credit limit during the draw period.
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