Finance
A 'reverse mortgage' in Georgia is designed for:
AA. Borrowers with bad credit who need to rebuild
BB. Homeowners age 62 or older to convert home equity into cash without monthly payments✓ Correct
CC. Commercial property owners seeking to refinance at lower rates
DD. Buyers who want to pay off their mortgage faster
Explanation
Reverse mortgages (specifically FHA's HECM program) allow homeowners age 62+ to access their home equity as cash, monthly payments, or a line of credit without making monthly mortgage payments. The loan is repaid when the home is sold or the owner leaves.
Related Georgia Finance Questions
- A 'purchase money second mortgage' provided by a seller or down payment assistance program is:
- A home equity loan differs from a HELOC in that:
- The Truth in Lending Act (TILA) requires lenders to disclose the:
- In Georgia, which entity most commonly handles the real estate closing?
- Predatory lending practices include:
- A conventional mortgage loan is one that is:
- Discount points paid at closing are used to:
- A graduated payment mortgage (GPM) features:
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