Finance
In Missouri, a home equity loan differs from a HELOC in that it:
AHas a revolving credit line
BProvides a fixed lump sum at closing with a fixed repayment schedule✓ Correct
CIs a first mortgage only
DRequires no collateral
Explanation
A home equity loan provides a fixed lump sum secured by the home, with a fixed interest rate and repayment schedule. A HELOC is a revolving line of credit with variable rates.
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