true or false: a home equity loan is never set up as a revolving line of credit where borrowings are allowed up to a specified limit and for a stated time period.

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04-11-2022
Business

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true or false: a home equity loan is never set up as a revolving line of credit where borrowings are allowed up to a specified limit and for a stated time period.

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ogorwyne ogorwyne · Answer 1 · 2022-11-08T07:04:02-05:00

This is false. It is false that a home equity loan is never set up as a revolving line of credit where borrowings are allowed up to a specified limit and for a stated time period.

What is a home equity loan?

One kind of consumer debt is a home equity loan, sometimes referred to as an equity loan, home equity installment loan, or second mortgage. Homeowners can borrow money using home equity loans as collateral. The difference between the home's current market value and the homeowner's outstanding mortgage balance determines the loan amount.

While HELOCs give borrowers ongoing lines of credit, fixed-rate home equity loans give borrowers a single lump payment.

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