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Financial Planner

Category - General Principles of Financial Planning

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What type of mortgage is commonly referred to as “home equity debt?”

Home Equity Loan
Adjustable Rate Mortgage
Ratio Mortgage
Unsecured debt

Explanation

Answer: A - Home equity loan is the type of mortgage that is commonly referred to as “home equity debt.” This type of loan is primarily used in the purchase of a second home to the extent of not surpassing the fair market value of the primary resident. If the loan defaults, mortgages are pain in order of lending agreements.

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