A Reverse Mortgage

question 88

Multiple Choice

A reverse mortgage

• A) Is the same thing as a second mortgage.
• B) Offers a home buyer a home loan with a 30-year payment period.
• C) Provides older home owners with tax-free income in the form of a loan that is repaid when the home is sold or the home owner dies.
• D) Two of these are correct.
• E) All of these are correct.

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Definitions:

Numerical Limit

A specified maximum number or quantity allowed or prescribed by regulations or law.

Ambiguous

Lacking clarity or preciseness in meaning, which can lead to uncertainty or varied interpretations.

Legal Heirs

Individuals who are legally entitled to inherit a deceased person's property under the laws of intestacy if there is no will.

Invalid

Not acceptable according to law or void of legal significance; lacking in correctness or truth.