If the Amount You Owe on Your House Is Greater

question 165

Multiple Choice

If the amount you owe on your house is greater than the price of the house,you have

• A)no value to your house.
• B)a mortgage rate that is too high.
• C)negative equity in your house.
• D)a reverse mortgage on your house.

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Definitions:

Lessor

A lessor is an individual or entity that rents out an asset to a lessee under a lease agreement.

Lessee

A person or entity that leases an asset from another, the lessor, under the terms of a lease agreement, gaining the right to use the asset for a specified period in exchange for regular payments.

Business Expense

Monetary outlays or costs that are necessary for a company to operate and conduct its business activities.