A borrower is 68 years old and owns a home with a remaining mortgage balance. How does this affect HECM eligibility?
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A
The borrower is ineligible because the home must be owned free and clear
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B
The borrower may be eligible; the reverse mortgage proceeds must first pay off the existing mortgage
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C
The borrower must wait until age 70 to apply if a mortgage balance remains
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D
Existing mortgage balances automatically disqualify any HECM applicant