The home equity loans are such loans often associated with line of credits and are for a short term. Such loans are open and secured types of credit facility.
Home equity loans are generally referred to as such loans where the home of the borrower is kept as collateral and is open to be utilized for any legal purpose.
It is generally given for a short term and the repayment is often done monthly over a span of the entire term of the loan. As the collaterals can be used by the banks in case of defaults by the borrower, it is a secured type of loan.
Hence, option C; the above-mentioned facts describe that a home-equity loan is an open and secured type of credit facility.
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