Finance
What is a home equity line of credit (HELOC)?
AA fixed-rate second mortgage
BA revolving credit line secured by home equity with variable rates✓ Correct
CA government program for home improvements
DA type of reverse mortgage
Explanation
A HELOC is a revolving credit line secured by a property's equity, functioning like a credit card. It typically has a draw period and repayment period, with variable interest rates based on the prime rate.
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