Its Financial Literacy Month ! So its the right time take the quiz below
What does it mean when your house is UNDERWATER ?
A. Your basement frequently floods.
B. Your Mortgage has been paid off.
C. The home’s value is less than what you owe on the Mortgage
What is a reverse Mortgage?
A. An Agreement to sell your home, once its mortgage has been paid in full, directly to a bank or other lender. The lender then pays the seller monthly “mortgage Installments”
B. A loan, for homeowners 62 and older that allows them to convert home equity into cash without having to sell or vacate. The loan is repaid when they die, move or sell the home.
C. A one time cash payout by lenders to reward homeowners who pay off their mortgages before their due dates
Who can access your credit report?
A. Employers considering you for a job
B. Lenders considering issuing you a loan or credit card
C. Insurers issuing you an auto policy
D. All of the above as well as government agencies
A Credit Report is:
A. A list of your financial assets and liabilities
B. Your borrowning and bill payment history
C. Your available credit line at banks and other lenders
Contact us at BPO Realty for the correct answers to The Money Quiz