Finance
In Michigan, a home equity line of credit (HELOC) is secured by:
AThe borrower's personal guarantee only
BA lien on the borrower's real property (home)✓ Correct
CA certificate of deposit at the lending bank
DThe borrower's investment portfolio
Explanation
A HELOC is a revolving line of credit secured by a lien on the borrower's home. The home serves as collateral, and the lender records a mortgage (typically a second mortgage) to secure the credit line.
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