Finance
In Hawaii, a 'reverse mortgage' allows eligible homeowners to:
AA. Refinance their mortgage at a lower interest rate
BB. Convert home equity into loan proceeds while remaining in the home, with no monthly mortgage payments required✓ Correct
CC. Transfer their mortgage to a buyer who is not creditworthy
DD. Pay off a mortgage by selling a portion of the property
Explanation
A reverse mortgage (HECM) allows homeowners 62+ to convert equity into loan proceeds without monthly payments. The loan is repaid when the borrower sells, moves out, or dies.
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