Income Intermediate: Reverse Mortgages

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1.
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.
2.
A home on which you are taking out a reverse mortgage _______ your primary residence.
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Must be. This is a requirement.
3.
All lenders offer reverse mortgages.
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False. Only some of them do.
4.
In a reverse mortgage, _______.
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A lender makes payments to you based on the equity in your home. That is why it is called a reverse mortgage: the lender pays you.
5.
All reverse mortgages are insured by the federal government.
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False. The majority are, but not all.