Question

Which type of loan is similar to a credit card, where the lender sets the
maximum amount that you can borrow based on your equity in the home?
A. An amortization
O B. A second mortgage
O C. Equity
D. An equity line of credit

Answer 1

Answer:

second morgage

Explanation:

A second mortgage is a lien taken out against a property that already has a loan on it. A lien is a right to possess and seize property under specific circumstances.

Answer 2

Answer: D. An equity line of credit

Explanation: Took the quiz and got it right.