Finance
A reverse mortgage is designed for homeowners who:
AWant to purchase a home with no down payment
BAre 62 or older and want to convert home equity into income while remaining in the home✓ Correct
CWant to refinance at a lower interest rate
DHave bad credit and cannot qualify for a conventional loan
Explanation
A reverse mortgage (most commonly a HECM—Home Equity Conversion Mortgage) allows homeowners 62 or older to convert their home equity into cash or income without selling, with repayment deferred until they sell, move, or die.
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