Finance
What is a 'home equity loan' in South Carolina?
AA loan to purchase a new home
BA fixed-rate second mortgage using home equity as collateral✓ Correct
CA government program for first-time buyers
DA reverse mortgage for seniors
Explanation
A home equity loan is a second mortgage that allows homeowners to borrow against the equity in their home at a fixed interest rate, receiving a lump sum with fixed monthly payments.
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