Which of the following statements is true concerning home equity loans?
A) Home equity loan proceeds are generally restricted as to purpose.
B) Home equity loans are generally installment loans with a one- to five-year term.
C) Home equity loan interest is tax-deductible if used for home improvements, and the total debt on the home does not exceed $750,000.
D) Home equity loans cannot be used to pay for college costs.
Correct Answer:
Verified
Q78: The equity in a home is defined
Q79: An installment loan is a loan that
Q80: An acceleration clause is a loan term
Q81: A secured loan is a loan that
Q82: The current market value of a home
Q84: For a $5,000, three-year, 6% loan with
Q85: Kerry borrows $100,000 with a five-year interest-only
Q86: The legal document that specifies the terms
Q87: Samantha has been approved for a $20,000
Q88: Josef has been approved for a $30,000
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents