Finance
Which type of mortgage allows the borrower to draw funds as needed, similar to a credit card, secured by home equity?
AReverse mortgage
BHome equity line of credit (HELOC)✓ Correct
CBlanket mortgage
DConstruction loan
Explanation
A Home Equity Line of Credit (HELOC) is a revolving line of credit secured by a second deed of trust on the home. Borrowers draw funds as needed up to a credit limit.
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