Finance
A NC 'reverse mortgage' allows qualifying homeowners to:
APurchase a home without a down payment
BConvert home equity into loan proceeds without making monthly mortgage payments, with the loan typically due when the owner sells, moves, or dies✓ Correct
CRefinance to a lower rate without income verification
DTransfer a mortgage from one property to another
Explanation
A reverse mortgage (HECM) allows homeowners 62+ to convert home equity into funds without monthly payments; repayment is triggered when the last eligible borrower sells, moves out, or passes away.
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