Finance
A reverse mortgage in Oklahoma is available to homeowners who are:
AAny age, provided they have sufficient equity
BAge 62 or older, with significant equity in their primary residence✓ Correct
CAge 55 or older with a minimum income
DVeterans only through the VA program
Explanation
Home Equity Conversion Mortgages (HECMs), the most common reverse mortgages, require the homeowner to be age 62 or older, own the home outright or have significant equity, and occupy it as a primary residence.
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Key Terms to Know
Debt-to-Income Ratio (DTI)
A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Math Concepts
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