Quiz: Reverse Mortgages: Are They Right for Your Parents or Your Future?

 

Reverse mortgages can be a valuable tool to allow older people to stay in their homes, while receiving income to help them maintain their lifestyle. But reverse mortgages can be tricky, and if you're not careful, they can be a big financial mistake. Do you understand how the products work?

 

Question 1 of 10

A reverse mortgage is:

 


A loan you arrange against the value of your home, in which the bank either sends you monthly payments, a lump sum or gives you a line of credit -- and you don't have to pay the loan back.



A loan against your mortgage that you can only use to pay off credit card debt.



A way to reverse your mortgage payments so now you pay yourself instead of the bank.



A way to reverse your mortgage payments so now you're paying more principal than interest.






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