Finance
In Mississippi, a 'reverse mortgage' allows qualifying homeowners to:
ARefinance at a lower rate without qualifying
BConvert home equity into cash or monthly payments without selling the home, with repayment deferred until the home is sold or the borrower moves or dies✓ Correct
CTransfer their mortgage to a buyer
DPay their mortgage in reverse chronological order
Explanation
A reverse mortgage (HECM — Home Equity Conversion Mortgage) allows homeowners 62+ to convert equity into cash while remaining in the home. The loan is repaid when the home is sold, the borrower permanently moves out, or the borrower dies. No monthly payments are required during occupancy.
Related Mississippi Finance Questions
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