Finance
A home equity line of credit (HELOC) in Rhode Island allows a homeowner to:
APurchase a second home without a down payment
BBorrow against the equity in their home up to a revolving credit limit✓ Correct
CRefinance their first mortgage at a lower rate
DObtain a government grant for home improvements
Explanation
A HELOC is a revolving line of credit secured by the homeowner's equity in their property. The borrower can draw and repay funds as needed up to the credit limit during the draw period.
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