Finance
In Ohio, a 'home equity loan' is typically structured as:
AA revolving line of credit
BA fixed-term, fixed-rate second mortgage with a lump-sum disbursement✓ Correct
CA first mortgage replacement
DAn unsecured personal loan
Explanation
A home equity loan (second mortgage) is typically structured as a closed-end loan with a fixed amount, fixed rate, and fixed term — in contrast to a HELOC, which is a revolving line of credit.
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