Finance
What is a 'reverse mortgage' and who typically uses it in Kansas?
AA mortgage that pays down principal faster than normal
BA loan allowing homeowners aged 62+ to convert home equity into cash without monthly payments; repaid when the home is sold✓ Correct
CA mortgage with decreasing interest rates
DA second mortgage used for home improvements
Explanation
A reverse mortgage (HECM) allows seniors 62 and older to access home equity without monthly payments. The loan is repaid when the borrower sells, moves, or dies. It is used by Kansas seniors to supplement retirement income.
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