Finance
A 'reverse mortgage' in NC allows homeowners who are typically 62 or older to:
APurchase a home with no down payment
BConvert home equity into cash payments without monthly mortgage payments✓ Correct
CSell and rent back their home simultaneously
DTransfer their mortgage to a family member
Explanation
A reverse mortgage (Home Equity Conversion Mortgage/HECM) allows homeowners 62+ to borrow against their home equity, receiving cash while continuing to live in the home. No monthly payments are required; the loan becomes due when the homeowner dies, sells, or permanently moves out.
Related North Carolina Finance Questions
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