Reverse Mortgages 3
Reverse mortgages are only available to borrowers that are ___ or older - answer 62
reverse mortgages: the borrower must ____ in his/her home - answer live
tenure method - answer payments overtime as opposed to a lump-sum payment
reverse mortgage - answer A loan based on the equity in a home, that provides
elderly homeowners with tax-free income and is paid back with interest when the home
is sold or the homeowner dies.
in reverse mortgages, the amount applicant can borrow is based on ___________ -
answer age of youngest borrower
what must individuals pay in a reverse mortgage? - answer property tax and
homeowners insurance
when a reverse mortgage becomes due and payable: - answer - homeowner dies
- homeowner moves out of house for 12-consecutive months (one continuous year)
- homeowner sells home
- homeowner fails to pay property taxes and insurance
