Final answer:
No, a borrower cannot pay off an existing mortgage through the use of a Reverse Mortgage.
Step-by-step explanation:
No, a borrower cannot pay off an existing mortgage through the use of a Reverse Mortgage. A Reverse Mortgage is a type of loan available to homeowners who are at least 62 years old. It allows them to convert a portion of their home equity into loan proceeds, which are typically used to supplement retirement income or cover other expenses. In a Reverse Mortgage, the borrower does not have to make monthly mortgage payments but needs to continue paying property taxes, insurance, and maintenance costs of the home. The loan is repaid when the borrower permanently moves out of the home or passes away, and the repayment is typically done by selling the home or using other assets. It is not designed to be used to pay off an existing mortgage.