Finance
What is a Nevada home equity loan and how does it differ from a HELOC?
AThey are identical; the terms are interchangeable
BA home equity loan is a fixed-rate, lump-sum second mortgage; a HELOC is a revolving line of credit with a variable rate — both are secured by the borrower's home equity✓ Correct
CA HELOC is a first mortgage; a home equity loan is always a second
DHome equity loans are not available in Nevada
Explanation
A home equity loan (closed-end second mortgage) provides a lump sum at a fixed rate, repaid over a set term. A HELOC is a revolving line of credit with a variable rate, allowing draws and repayments during the draw period. Both use the home as collateral and are subject to Nevada deed of trust law.
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