Finance
A reverse mortgage in NJ allows a homeowner who is at least 62 years old to:
APurchase a new home with no down payment
BBorrow against their home equity and receive payments, with the loan repaid when they move, sell, or die✓ Correct
CTransfer their mortgage to a family member
DDefer property taxes indefinitely
Explanation
A reverse mortgage (Home Equity Conversion Mortgage/HECM) allows seniors to convert home equity into income or a line of credit, repaid from sale proceeds when the home is vacated.
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