Finance
A Mississippi borrower takes out a home equity line of credit (HELOC). The HELOC is secured by:
AThe borrower's personal property
BA lien on the borrower's home, typically in second position behind the first mortgage✓ Correct
CThe lender's assets
DAn unsecured promissory note
Explanation
A HELOC is a revolving credit line secured by a lien (deed of trust) on the borrower's home, typically in second position behind the first mortgage. The home serves as collateral, which is why it's sometimes called a 'second mortgage.'
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