Question

Which of the following is not true about Reverse Mortgage?

Q: Answer-Which of the following is not true about Reverse Mortgage?

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.

A It is a special home loan product

B Homeowner aged 62 or older are eligible

C Loan is underwritten based on the value of the collateral (home) and the life expectancy of the borrower

D Borrower has to pay very low monthly EMI

E None of these

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Which of the following is not true about Reverse Mortgage?

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