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Mortgage Mastery

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Questions and Answers

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?

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?

Lower monthly payments

Flexibility in payment schedule

Ability to build home equity

Higher total interest paid (correct)

Mortgage Mastery

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Questions and Answers

Which one of these is a common type of mortgage?

What is the purpose of a reverse mortgage?

What is a disadvantage of an interest-only mortgage?

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