Finance
Which North Dakota mortgage type gives the borrower a lump sum at closing in exchange for the lender receiving repayment from the property's eventual sale, primarily for older homeowners?
ABalloon mortgage
BReverse mortgage✓ Correct
CPurchase money mortgage
DConstruction loan
Explanation
A reverse mortgage allows homeowners (typically 62 and older) to convert home equity into cash without monthly repayments. The loan is repaid when the borrower sells the property, moves out, or passes away.
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