Answer: B. Get a Home Equity Loan
Explanation:
A Home Equity Loan which is also known as a HOME EQUITY INSTALLMENT LOAN or a SECOND MORTGAGE is a type of consumer debt that allows the borrower to borrow against the the EQUITY in their property. This Equity is calculated as the difference between the amount still owned to the mortgage issuer and the property's current market value.
Such loans have historically attracted lower interests than credit card and other non-secured loan interest rates such as payday loans. They are also tax deductible.
They are therefore Michael's best option here.
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