Finance
In Michigan, a reverse mortgage allows homeowners aged 62 and older to:
ATransfer their mortgage to a younger family member
BBorrow against their home equity without monthly payments✓ Correct
CAvoid property taxes on their principal residence
DRefinance at below-market interest rates
Explanation
A reverse mortgage (HECM) allows homeowners 62+ to borrow against their home equity, receiving payments from the lender without making monthly payments. The loan is repaid when the borrower moves, sells, or dies.
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