Finance
A reverse mortgage in Oklahoma allows eligible homeowners to:
APurchase a home without any down payment regardless of age
BConvert home equity into loan proceeds that do not need to be repaid until the borrower sells, moves, or dies; available to homeowners 62 or older✓ Correct
CBorrow money to invest in real estate
DObtain a second mortgage at below-market rates
Explanation
Reverse mortgages (Home Equity Conversion Mortgages — HECMs) allow homeowners 62+ to borrow against their home's equity. No monthly payments are required; the loan is repaid when the last borrower leaves the home. The property must be the borrower's primary residence.
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