Which of the following statement(s) is/are false babout mortgages?

I.With a fixed-rate mortgage, the borrower bears the interest rate risk.

II.With an ARM mortgage, the borrower bears the interest rate risk

.III.With a reverse annuity mortgage, the homeowner receives payments rather than making payments.

a.I only

b.II only

c.III only

d.II & III only

e.None of the above answers