Finance
A Montana reverse mortgage allows elderly homeowners (generally 62+) to:
APurchase a new home with no down payment
BConvert home equity into loan proceeds, which do not require monthly repayment and become due when the homeowner moves, sells, or dies✓ Correct
CReduce their property tax obligations
DTransfer the mortgage to a family member tax-free
Explanation
A Home Equity Conversion Mortgage (HECM/reverse mortgage) allows homeowners 62 or older to convert home equity to loan proceeds paid to them. No monthly mortgage payments are required, but the loan becomes due when the borrower leaves the home, sells, or dies.
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