Finance
Iowa's Home Equity Conversion Mortgage (HECM) reverse mortgage program allows eligible Iowa homeowners to:
ATransfer title to a lender in exchange for payments
BConvert home equity into loan proceeds while continuing to live in the home, with repayment deferred until they sell, move, or die✓ Correct
CObtain a second mortgage for home improvements only
DRefinance at a lower rate without income verification
Explanation
A HECM reverse mortgage allows homeowners 62 or older to convert home equity into tax-free proceeds while remaining in their home. No monthly mortgage payments are required. The loan becomes due when the homeowner permanently leaves the home, sells, or dies.
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