Finance
In Hawaii, what is a 'home equity conversion mortgage' (HECM)?
AA. A mortgage allowing home equity to be converted to a business investment
BB. The FHA-insured reverse mortgage program for homeowners 62 and older✓ Correct
CC. A program converting adjustable-rate loans to fixed-rate loans
DD. A second mortgage program for first-time buyers
Explanation
A HECM is the FHA-insured reverse mortgage, allowing eligible homeowners 62+ to convert home equity to cash without monthly payments, repaid when the homeowner leaves the home.
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