Rita borrows $30,000 from South State Credit Union. South State accepts Rita's equity in her home as collateral, which can be seized if the loan is not repaid on time. This is

Question

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A home equity loan is a type of loan where the borrower uses the equity in their home as collateral. In this scenario, Rita is borrowing money from South State Credit Union and using the equity she has in her home as collateral. Therefore, this is a home equity loan.

Rita Borrows $30,000 from South State Credit Union