Finance
A reverse mortgage allows senior homeowners to:
APurchase a second home using their equity
BConvert home equity into tax-free loan proceeds while remaining in the home✓ Correct
CTransfer their mortgage obligation to their children
DRefinance at a lower rate without income documentation
Explanation
A reverse mortgage allows homeowners age 62 or older to borrow against their home equity. The loan is repaid when the borrower sells, moves out, or dies, with no monthly payments required.
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