Finance
In South Dakota, a 'home equity line of credit' (HELOC) allows a homeowner to:
ASell equity shares in their home to investors
BBorrow against their home equity on a revolving credit basis, using the home as collateral✓ Correct
CTransfer their mortgage to another lender at no cost
DReceive annual payments from the lender based on their equity
Explanation
A HELOC is a revolving line of credit secured by the borrower's home equity. The borrower can draw funds as needed up to the credit limit, repay them, and borrow again. Interest is typically variable and charged only on the amount drawn.
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