Finance
An Oregon home equity line of credit (HELOC) is BEST described as:
AA fixed-rate second mortgage
BA revolving line of credit secured by the borrower's home equity✓ Correct
CA government-backed program for home improvements
DA refinancing tool that extends the loan term
Explanation
A HELOC is a revolving line of credit secured by the equity in the borrower's home. Like a credit card, the borrower can draw funds up to the credit limit, repay, and draw again during the draw period. HELOCs typically have variable interest rates.
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