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Florida Real Estate Course
Chapter 14
Florida Real Estate Practice Question
Which of the following statements best describes a reverse mortgage (such as a Home Equity Conversion Mortgage)?
Answer choices
A
A temporary loan used to finance the purchase of a new home before the buyer's current home is sold.
B
A loan where the lender makes regular payments to the borrower, available only to homeowners aged 62 or older.
C
A loan that requires the borrower to make double payments in the early years to pay off the principal rapidly.
D
A seller-financing arrangement where the buyer gives the seller a mortgage instead of a cash down payment.
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