Finance
A reverse mortgage is available to homeowners who are:
AAny age, as long as they have equity
BAt least 62 years old with substantial home equity✓ Correct
CUnder 65 years old only
DFirst-time homebuyers in rural areas
Explanation
A reverse mortgage (HECM — Home Equity Conversion Mortgage) is available to homeowners aged 62 or older who have significant equity in their primary residence. It allows them to draw equity without making monthly payments, with the loan repaid when they sell or leave the home.
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