Finance
In Maine, the 'Home Equity Conversion Mortgage' (HECM) must be the only mortgage on the property or all other mortgages must be:
AConverted to second mortgages
BPaid off at the time the reverse mortgage is originated✓ Correct
CSubordinated to the HECM
DTransferred to the borrower's heirs
Explanation
To obtain a HECM (reverse mortgage), the property must either be owned free and clear or all existing mortgages and liens must be paid off at the time of origination — the HECM must be the only lien on the property.
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