Finance
What is a reverse mortgage and who is eligible in Nevada?
AA mortgage where the buyer pays the seller over time
BA loan allowing homeowners age 62+ to convert home equity into loan proceeds, with repayment deferred until the home is sold or the borrower dies or moves out✓ Correct
CA mortgage that reduces in amount over time
DA state-funded loan program for senior Nevada residents
Explanation
A Home Equity Conversion Mortgage (HECM), commonly called a reverse mortgage, allows homeowners age 62 and older to convert part of their home equity into cash. No monthly payments are required; the loan becomes due when the borrower sells, moves out, or dies.
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