Finance
A Connecticut borrower is taking out a reverse mortgage through HUD's HECM program. Which of the following is a REQUIREMENT for obtaining a HECM reverse mortgage?
AThe borrower must be at least 55 years old
BThe borrower must be 62 or older and the property must be their primary residence✓ Correct
CThe borrower must have no existing mortgage on the property
DThe borrower must have a minimum credit score of 680
Explanation
To qualify for a HECM (Home Equity Conversion Mortgage) reverse mortgage, the borrower(s) must be at least 62 years old, the property must be the borrower's primary residence, and the borrower must receive HUD-approved reverse mortgage counseling.
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