Finance
A reverse mortgage available to Rhode Island seniors aged 62 and older allows them to:
ATransfer their home to a family member tax-free
BBorrow against their home equity while continuing to live in the home✓ Correct
CPurchase a second home using their primary residence as collateral
DRefinance their mortgage at a lower rate guaranteed by the FHA
Explanation
A reverse mortgage (HECM) allows seniors 62 and older to borrow against the equity in their primary residence while continuing to live there. The loan is repaid when the homeowner sells, moves, or dies.
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