Finance
In South Dakota, a 'reverse mortgage' allows eligible senior homeowners to:
ARefinance at a lower interest rate based on age
BConvert home equity into loan proceeds without making monthly mortgage payments, with the loan repaid when the owner sells, moves, or dies✓ Correct
CTransfer their mortgage to a younger family member
DReceive a government subsidy for property taxes
Explanation
A reverse mortgage (Home Equity Conversion Mortgage or HECM) allows homeowners aged 62 or older to convert their home equity into loan proceeds. No monthly payments are required; instead, the loan balance grows and is repaid when the owner sells the home, permanently moves out, or dies.
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