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A single-purpose reverse home loan is used by federal government agencies at the state and regional level, and by nonprofit groups too. It's a kind of reverse home mortgage that puts guidelines and constraints on how you can use the money from the loan. (So you can't spend it on an expensive vacation!) Usually, single-purpose reverse mortgages can just be used to make residential or commercial property tax payments or spend for home repairs.
The important things to keep in mind is that the lending institution has to approve how the cash will be utilized prior to the loan is offered the OK. These loans aren't federally guaranteed either, so lenders don't need to charge home mortgage insurance coverage premiums. But because the cash from a single-purpose reverse home mortgage needs to be utilized in a specific method, they're normally much smaller sized in their amount than HECM loans or proprietary reverse mortgages. https://www.bookmarking-jet.win/wes-phone-number-usa |
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