Finance
A South Carolina homeowner takes out a home equity line of credit (HELOC). This is best described as:
AA fixed-rate second mortgage
BA revolving line of credit secured by the home's equity✓ Correct
CA government-backed loan program
DA first mortgage replacement
Explanation
A HELOC is a revolving line of credit secured by the equity in the homeowner's property. The homeowner can draw funds as needed, up to the credit limit, and interest accrues only on the outstanding balance.
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