29. A primary advantage of a reverse annuity mortgage is that it allows retired

Question

29. A primary advantage of a reverse annuity mortgage is that it allows retired people to use the equity in their homes without the necessity of selling it—instead, it has the bank advancing funds on a monthly schedule. (Points : 3)        True
       False Question 30.30. Bretton Woods was formulated on the premise that the only reliable system for restoring order to international commerce was a system of freely floating exchange rates. (Points : 3)        True
       False 29. A primary advantage of a reverse annuity mortgage is that it allows retired people to use the equity in their homes without the necessity of selling it—instead, it has the bank advancing funds on a monthly schedule. (Points : 3)        True
       False

Explanation / Answer

Question :29

Answer : True

Reverse mortgage means borrwoing money from a financial institution either in lumpsum or in monthly instalments, but the loan repayment starts at the movement the homeowner moves out of the home i.e either on the death of the owner or on selling the home to some other one. This facility can be availed by the retired people having an age of at least 62 years and he should be the primary owner. The borrowers have no necessity of selling the house to make use of loan instalments.

The loan repayment is to be made by the heirs of the deceased person in order to enjoy with the house or they may sell it and pay the loan to the financial institution. In mortgage loans, the borrower starts repayments during his life time and no need to move out of the home, but in reverse mortgage annuity, the loan repayment starts when the borrower moves out of the home

Question : 30

Answer : False

Bretton Woods was formulated on the premise that the only reliable system for restoring order in international commerce was a system of fixed exchange rate system, later this system was collapsed between 1968 and 1973 and after that memebers of IMF are free to adopt floating exchange rate system as Fixed exchange rate sysem led to trade deficit for many countries.

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