Final answer:
The correct answer is A) Government-Backed Loan for Homeowners Over 65, although the age eligibility for a Home Equity Conversion Mortgage (HECM) Reverse Mortgage is actually for those over 62.
Step-by-step explanation:
A Home Equity Conversion Mortgage (HECM) Reverse Mortgage is a government-backed loan designed for homeowners who are typically 62 years of age or older, not 65 as the question states. This type of mortgage allows them to convert a portion of their home equity into cash. The loan does not require monthly mortgage payments and is repaid when the borrower no longer occupies the home as a primary residence, such as when they sell the house, move out, or pass away.
The correct answer to the question is A) Government-Backed Loan for Homeowners Over 65, with the slight correction that it is actually available to homeowners over the age of 62.