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Financial Planner

Category - General Principles of Financial Planning

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What type of mortgage loan allows homeowners to borrow against home equity as needed?

Home Equity Loan
Home Equity Line of Credit
Ratio Mortgage
Unsecured debt

Explanation

Answer: B - A home equity line of credit is a type of mortgage loan that allows homeowners to borrow against home equity as needed. Borrowers are usually provided with either checks or credit card. It differs from a standard home loan in that the borrowing may be done over a period of time and not as a lump sum of funds.

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