Finance
In Michigan, a 'home equity line of credit' (HELOC) uses:
AThe borrower's income as collateral
BThe equity in the borrower's home as collateral for a revolving line of credit✓ Correct
CA fixed lump sum disbursed at closing
DOnly commercial properties as security
Explanation
A HELOC is a revolving line of credit secured by the equity in the borrower's home. Michigan borrowers can draw funds as needed up to the credit limit, repay, and draw again, paying interest only on the amount outstanding.
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