Finance
In Maine, a home equity conversion mortgage (HECM/reverse mortgage) becomes due and payable when:
AThe homeowner turns 75
BThe homeowner dies, sells, or permanently moves out of the home✓ Correct
CFive years after origination
DThe property taxes exceed the loan balance
Explanation
A reverse mortgage becomes due and payable when the last surviving borrower dies, sells the property, or permanently moves out (fails to occupy the home as their primary residence for 12 consecutive months).
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