Finance
A Florida 'reverse mortgage' is primarily designed for:
AFirst-time homebuyers with no down payment
BHomeowners age 62 or older who want to convert home equity into cash without selling✓ Correct
CInvestors purchasing income properties
DBorrowers with poor credit who cannot qualify for conventional loans
Explanation
A reverse mortgage (Home Equity Conversion Mortgage/HECM) allows homeowners age 62+ to convert home equity into loan proceeds without required monthly payments. The loan is repaid when the borrower sells, moves, or dies.
Related Florida Finance Questions
- Florida is known for its heavy use of title insurance in real estate closings. Title insurance in Florida typically includes all of the following EXCEPT:
- A Florida lender requires 'PITI' payments from a borrower. The acronym PITI stands for:
- In Florida, RESPA (Real Estate Settlement Procedures Act) prohibits:
- Under RESPA (Real Estate Settlement Procedures Act), a 'kickback' or referral fee paid between settlement service providers is:
- Under the Home Mortgage Disclosure Act (HMDA), lenders must:
- In Florida, a 'purchase money mortgage' is one where:
- A Florida buyer obtains an FHA loan with 3.5% down. On a $250,000 purchase price, what is the required down payment?
- The 'Community Reinvestment Act (CRA)' requires federally regulated financial institutions to:
Practice More Florida Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Florida Quiz →