Home > Planning > Intermediate
Planning Intermediate: Reverse Mortgages

Test your knowledge

Choose wisely. There is only one correct answer to each question.

0%
Keep studying!
Review your answers below to learn more.
1.
Some types of reverse mortgages are offered by local governments.
Choose wisely. There is only one correct answer.
True. They are not offered everywhere, however.
2.
A reverse mortgage _______.
Choose wisely. There is only one correct answer.
Is only available to homeowners age 62 or older. The other statements are false.
3.
What are some factors to consider in evaluating whether a reverse mortgage is right for you?
Choose wisely. There is only one correct answer.
All the above. You must be 62 to even be eligible for a reverse mortgage at all; the other factors are important, although not so cut and dried.
4.
If you have a reverse mortgage, the balance of your loan _______.
Choose wisely. There is only one correct answer.
Increases over time. Your balance actually increases, due to several factors.
5.
A home on which you are taking out a reverse mortgage _______ your primary residence.
Choose wisely. There is only one correct answer.
Must be. This is a requirement.