Answer:
Get a home equity loan
Step-by-step explanation:
A loan for home equity is a form of second loan. Home equity loans enable one to finance at the value of one's home less any unpaid mortgages on the house.
In the given case, home equity loan is the cheapest source of finance for Michael as it ha various benefits for him. He can borrow this small amount of money easily on his home also the interest rate on such loans is less than others. Not only this he can also claim tax deduction on the interest he will pay on the loan.