Finance
Which type of mortgage allows the borrower to receive monthly payments from the lender, typically available to Florida homeowners aged 62 or older?
AWraparound mortgage
BReverse mortgage (HECM)✓ Correct
CBalloon mortgage
DBudget mortgage
Explanation
A reverse mortgage, most commonly a Home Equity Conversion Mortgage (HECM) insured by FHA, allows homeowners 62 or older to convert home equity into tax-free income or a line of credit. The loan becomes due when the borrower moves, sells, or dies.
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