Finance
In New York, a 'home equity line of credit' (HELOC) is secured by:
AThe borrower's personal property as collateral
BA mortgage or deed of trust on the borrower's real property✓ Correct
CA co-signer's guarantee
DThe lender's general lien on all of the borrower's assets
Explanation
A HELOC is a revolving line of credit secured by a mortgage on the borrower's real property (typically their primary residence). Like any mortgage in New York, it must be recorded to establish priority. The borrower draws from and repays the line as needed up to the credit limit.
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