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      Question

      Which of the following is not true about Reverse

      Mortgage?
      A It is a special home loan product Correct Answer Incorrect Answer
      B Homeowner aged 62 or older are eligible Correct Answer Incorrect Answer
      C Loan is underwritten based on the value of the collateral (home) and the life expectancy of the borrower Correct Answer Incorrect Answer
      D Borrower has to pay very low monthly EMI Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      A key feature of a reverse mortgage is that borrowers do not have monthly payments; the loan is repaid only when the borrower sells the house, moves out, or passes away. 

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