Finance
Which type of mortgage requires no monthly payments and is repaid when the borrower dies, sells, or moves out?
AConstruction loan
BBridge loan
CReverse mortgage (HECM)✓ Correct
DWraparound mortgage
Explanation
A reverse mortgage (Home Equity Conversion Mortgage, HECM) is available to homeowners age 62+ and allows them to access home equity without monthly payments. Repayment occurs when the borrower dies, sells, or permanently moves.
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