Finance
A Massachusetts reverse mortgage allows homeowners aged 62 and older to:
ABorrow against their home equity without making monthly payments, with the loan repaid when they sell, move, or die✓ Correct
BRefinance at a lower interest rate automatically
CTransfer their mortgage to their children
DReceive a tax credit equal to their mortgage interest
Explanation
A reverse mortgage (HECM—Home Equity Conversion Mortgage) allows qualifying homeowners 62+ to access their home equity without monthly payments. The loan becomes due when the homeowner moves, sells, or dies.
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