Finance
A 'Home Equity Conversion Mortgage' (HECM) is the most common type of:
AConstruction loan
BReverse mortgage✓ Correct
CBridge loan
DSecond mortgage
Explanation
A HECM (Home Equity Conversion Mortgage) is an FHA-insured reverse mortgage for homeowners 62 and older. It is the most common reverse mortgage product in the United States.
Related Georgia Finance Questions
- A 'buydown' mortgage involves:
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- A 'reverse mortgage' in Georgia is designed for:
- A 'purchase money mortgage' (PMM) in Georgia is when:
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- The 'Loan Estimate' disclosure under TRID must be provided to the mortgage applicant within:
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