Finance
A New Jersey homeowner who wants to tap home equity without refinancing their first mortgage would most likely use a:
APurchase money mortgage
BHome equity line of credit (HELOC) or home equity loan✓ Correct
CWraparound mortgage
DLand contract
Explanation
A HELOC or home equity loan allows homeowners to borrow against their equity without refinancing. A HELOC provides a revolving credit line with variable rates; a home equity loan provides a fixed lump sum. Both are subordinate liens on the property.
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