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Planning Intermediate:
Reverse Mortgages
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Choose wisely. There is only one correct answer to each question.
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1.
Some types of reverse mortgages are offered by local governments.
Choose wisely. There is only one correct answer.
True
False
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
Should be considered only by those who are confident of a long life span
Offers only a single payment option
Need not be repaid for ten years
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.
Your age
How long you plan to live in your home
Are you "cash poor" but "house rich"?
All the above
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.
Decreases over time
Increases over time
Stays the same over time
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
Need not be
May not be
Must be. This is a requirement.
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DONE