Finance
In Michigan, a home equity line of credit (HELOC) is best described as:
AA fixed-rate second mortgage with monthly payments
BA revolving line of credit secured by home equity that can be drawn and repaid as needed✓ Correct
CAn insurance product protecting home equity
DA government program for low-income homeowners
Explanation
A HELOC is a revolving line of credit secured by the borrower's home equity. Like a credit card, the borrower can draw funds up to the credit limit, repay, and draw again during the draw period.
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