Finance
A Minnesota home equity loan (second mortgage) allows a homeowner to:
ASell the property without paying off the first mortgage
BBorrow against the equity in their home, using the property as collateral✓ Correct
CRefinance the first mortgage at a lower rate
DTransfer the mortgage to a buyer without qualification
Explanation
A home equity loan allows homeowners to borrow against the equity they have accumulated in their property. The home serves as collateral, and if the borrower defaults, the lender may foreclose.
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