A reverse mortgage starts as a fixed-rate mortgage and then converts into an adjustable-rate mortgage.

Name: A reverse mortgage starts as a fixed-rate mortgage and then converts into an adjustable-rate mortgage.
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A reverse mortgage does not start as a fixed-rate mortgage and then convert into an adjustable-rate mortgage. Instead, it can be structured as either a fixed-rate or an adjustable-rate loan from the beginning, depending on the borrower's choice.

A Reverse Mortgage Starts as a Fixed-Rate Mortgage and Then