Finance
In Minnesota, the Home Equity Conversion Mortgage (HECM) is a type of reverse mortgage that requires the homeowner to:
AMake monthly payments to the lender
BLive in the property as their primary residence, maintain the home, and pay taxes and insurance✓ Correct
CHave no existing mortgage
DBe at least 70 years old
Explanation
To maintain HECM eligibility in Minnesota, the homeowner must use the property as their primary residence, maintain it in good condition, and keep property taxes and homeowners insurance current. Failure to meet these requirements can trigger loan repayment. The loan becomes due when the homeowner no longer occupies the property.
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