Finance
A home equity loan (second mortgage) in Nebraska differs from a HELOC in that a home equity loan:
AProvides a revolving line of credit like a credit card
BProvides a lump-sum disbursement at a fixed rate, repaid over a set term✓ Correct
CIs always tax-deductible
DIs not secured by the property
Explanation
A home equity loan is a closed-end loan — a fixed amount disbursed at closing, repaid at a fixed rate over a fixed term. A HELOC is a revolving line of credit that can be drawn down and repaid repeatedly during the draw period.
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