Income Intermediate: Reverse Mortgages

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1.
What type of reverse mortgage is the most common?
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Home equity conversion mortgage (HECM). This type is the most common.
2.
What are some factors to consider in evaluating whether a reverse mortgage is right for you?
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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.
3.
A reverse mortgage _______.
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Is only available to homeowners age 62 or older. The other statements are false.
4.
If you are receiving payments as part of a reverse mortgage, you aren't obligated to keep your home in good condition.
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False. There are standards you must meet to keep the home in saleable condition.
5.
If you have a reverse mortgage, the balance of your loan _______.
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Increases over time. Your balance actually increases, due to several factors.