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Henrietta has owned her house for over 50 years. It has fallen into disrepair, but because she lives on a fixed income, she does not have the money to make the needed repairs. She has a considerable amount
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Henrietta has owned her house for over 50 years. It has fallen into disrepair, but because she lives on a fixed income, she does not have the money to make the needed repairs. She has a considerable amount of equity in the house. What type of loan would BEST provide Henrietta the funds to make the necessary repairs

User Franklins
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4 votes

Answer: Reverse annuity mortgage

Step-by-step explanation:

A reverse annuity mortgage is a form of loan that is given out which is secured against the value of ones home.

A reverse equity mortgage allows the homeowner to cash some of the equity on the home without the individual selling the house or moving out. This is the type of loan that would best provide Henrietta the funds to make the necessary repairs.

User Payal Sorathiya
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