Final answer:
A Home Equity Conversion Mortgage (HECM) Reverse Mortgage is a financial product for seniors, allowing them to convert part of their home equity into cash. It requires no monthly mortgage payments and becomes due when the borrower dies, sells the home, or it is no longer the primary residence.
Step-by-step explanation:
The Home Equity Conversion Mortgage (HECM) Reverse Mortgage is C. A financial product for seniors. This type of mortgage allows homeowners who are typically 62 years of age or older to convert part of the equity in their home into cash without having to sell their home or pay additional monthly bills.
The HECM is a popular financial product among seniors who wish to access their built-up home equity to cover living expenses, medical costs, or other needs. It provides a source of income, but unlike traditional home loans, it does not require monthly mortgage payments. Instead, the loan balance is due upon the borrower's death, sale of the home, or when the home is no longer used as the primary residence.