Finance
A reverse mortgage is designed for homeowners who are:
AFirst-time buyers with no down payment
BTypically 62 or older who want to convert home equity to cash✓ Correct
CInvestors seeking leverage on rental properties
DBuyers with credit scores below 620
Explanation
A reverse mortgage (Home Equity Conversion Mortgage/HECM) allows homeowners aged 62 or older to borrow against their home equity; the loan does not require monthly payments and is repaid when the owner moves, sells, or dies.
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