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    Question

    Which type of loan is not required to be paid back

    during the life time of a borrower?
    A Reverse Mortgage Correct Answer Incorrect Answer
    B Equitable Mortgage Correct Answer Incorrect Answer
    C English Mortgage Correct Answer Incorrect Answer
    D Simple Mortgage Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Reverse Mortgage Loan: Aged people above 60 years of age, make use their property to mortgage to a financial institution or a bank and in return FI/Bank will pay monthly installments to the homeowner(s) and after the demise of the senior citizen the property will be taken over by the bank and sold in order to recover their investment and the excess money is given to the legal heir of the property.  However, the property owner should reside in the home that is reverse mortgaged and should pay the property taxes.

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