Finance
Vermont's reverse mortgage program (Home Equity Conversion Mortgage) allows:
AYoung homebuyers to defer down payments
BEligible homeowners age 62+ to convert home equity into loan proceeds without monthly payments✓ Correct
CInvestors to purchase distressed properties
DLandlords to finance rental property improvements
Explanation
The federally insured Home Equity Conversion Mortgage (HECM) reverse mortgage allows homeowners 62 and older to receive loan proceeds from their home equity without making monthly payments. The loan becomes due when the borrower moves, sells, or dies.
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