Finance
A Montana homeowner has a home equity line of credit (HELOC). This type of financing is characterized by:
AA fixed rate and fixed payment over a set term
BA revolving credit line secured by home equity with variable interest rates✓ Correct
CA government-backed loan requiring mortgage insurance
DA one-time draw with mandatory 10-year repayment
Explanation
A HELOC is a revolving line of credit secured by the equity in real property, typically with variable interest rates. Borrowers can draw and repay funds up to the credit limit during the draw period, making it flexible for Montana homeowners needing periodic access to equity.
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