Finance
A NJ senior homeowner age 62 or older who wants to convert home equity into income without selling may benefit from a:
AConstruction loan
BReverse mortgage (HECM – Home Equity Conversion Mortgage)✓ Correct
CJunior lien only
DBridge loan
Explanation
A reverse mortgage (Home Equity Conversion Mortgage, HECM) allows homeowners 62+ to access their home equity as income or a lump sum without monthly payments. The loan is repaid when the owner sells, moves out, or passes away.
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