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10-11-2020 |
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A single-purpose reverse home mortgage is used by government agencies at the state and regional level, and by not-for-profit groups too. It's a kind of reverse mortgage that puts guidelines and constraints on how you can utilize the cash from the loan. (So you can't invest it on an expensive vacation!) Typically, single-purpose reverse home mortgages can just be used to make real estate tax payments or pay for house repairs.
The important things to bear in mind is that the lender needs to approve how the cash will be utilized prior to the loan is offered the OK. These loans aren't federally insured either, so lending institutions do not need to charge mortgage insurance coverage premiums. But given that the cash from a single-purpose reverse mortgage needs to be used in a particular method, they're typically much smaller sized in their amount than HECM loans or proprietary reverse home loans. https://www.aeriagames.com/user/botwin2oed/ |
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