Finance
A reverse mortgage in South Carolina is designed for:
AFirst-time homebuyers with no down payment
BHomeowners age 62 or older to convert home equity into income✓ Correct
CInvestors purchasing rental properties
DBuyers with poor credit scores
Explanation
A reverse mortgage (HECM) allows homeowners aged 62 or older to convert home equity into cash payments or a line of credit without requiring monthly mortgage payments. The loan is repaid when the home is sold or the owner moves.
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