Finance (alternative)
A Maryland reverse mortgage allows homeowners aged 62 or older to:
APurchase a new home with no down payment
BConvert home equity into tax-free cash without monthly mortgage payments✓ Correct
CTransfer their mortgage to a family member
DRefinance at below-market interest rates
Explanation
A reverse mortgage (Home Equity Conversion Mortgage / HECM) allows eligible homeowners 62+ to convert their home equity into cash or a credit line with no required monthly mortgage payments, repayable when the home is sold or the borrower leaves.
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