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Questions and Answers
Which one of these is a common type of mortgage?
Which one of these is a common type of mortgage?
- Fixed rate mortgage (correct)
- Interest-only mortgage
- Reverse mortgage
- Variable rate mortgage
What is the purpose of a reverse mortgage?
What is the purpose of a reverse mortgage?
- To buy a home
- To convert home equity into cash (correct)
- To pay off credit card debt
- To refinance a mortgage
What is a disadvantage of an interest-only mortgage?
What is a disadvantage of an interest-only mortgage?
- Lower monthly payments
- Flexibility in payment schedule
- Ability to build home equity
- Higher total interest paid (correct)
