Please answer all, much appreciated!
1.Which is not a standard feature of a life insurance policy?
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2. __________ requires the payment of closing costs and involves paying off an existing mortgage with a new mortgage that has a lower interest rate.
- Convertibility feature on a mortgage
- Mortgage refinancing
- Reverse mortgage
- Mortgage amortization
3.Which statements are true of reverse mortgages?
I. It is a secured loan that allows older Canadians to generate income by using the equity in the home without having to sell it.
II. The set-up costs are high.
III. The interest that accumulates on the reverse mortgage loan will reduce the value of the estate.
IV. In many cases, the loan does not have to be paid back until the death of the borrower.
- I, II and III
- All the responses
- III and IV
- II and III