Economics · Banking Products
A bank is setting up a financial product designed to help senior citizens convert a portion of their home equity into regular income streams without selling their property. What is the technical term for this arrangement where the borrower's debt increases over time, and the loan is repaid only after the borrower moves out, sells the home, or passes away?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Fixed Rate Mortgage
- 2Home Equity Line of Credit
- 3Reverse Mortgage✓
- 4Sinking Fund
Correct answer
Reverse Mortgage
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