1. Home equity loans are: a. Used only for repairs and upgrades on your primary residence. b. Secured by a second mortgage against your home. c. Only for people who own their homes outright and no...

1. Home equity loans are:

a. Used only for repairs and upgrades on your primary residence.

b. Secured by a second mortgage against your home.

c. Only for people who own their homes outright and no longer have a mortgage.

d. Rare and most banks do not like making them.