A loan based on the high equity in a home that provides the homeowner with tax-free income and which is paid back when the home is sold or the homeowner dies is called a:

Question

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A reverse mortgage allows homeowners to borrow against the equity in their home, providing them with tax-free income. This loan does not require monthly payments and is repaid when the homeowner sells the home or passes away.

A Loan Based on the High Equity in a Home