Final answer:
It is beneficial to update QuickBooks with patches from Intuit for improved functionality and security. A reverse mortgage is the type of loan that is repaid upon the borrower's death or when the property is sold. The correct option is a.
Step-by-step explanation:
It is indeed a good idea to regularly update QuickBooks (QB) by downloading and installing the patches made available by Intuit. Intuit regularly releases updates, known as patches, which can improve the functionality of QuickBooks, fix known issues, and enhance security features. Keeping QuickBooks up to date ensures that you have the latest features and security, which is important for maintaining the integrity of your financial data.
As for the types of mortgages, the one where the loan is repaid when the borrower dies or the property is sold is known as a reverse mortgage. This is distinct from other types of mortgages:
Variable-rate mortgage: The interest rate may change over the life of the loan.
Conventional mortgage: Also known as a traditional mortgage, where the borrower repays the loan through scheduled payments over a set term.
Balloon-payment mortgage: The borrower makes regular payments for a period of time and then must pay the remaining balance as a large lump sum.