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10-11-2020 |
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A single-purpose reverse home loan is used by government firms at the state and regional level, and by not-for-profit groups too. It's a type of reverse mortgage that puts guidelines and restrictions on how you can utilize the money from the loan. (So you can't spend it on an expensive getaway!) Usually, single-purpose reverse home mortgages can just be used to make real estate tax payments or pay for house repair work.
The important things to keep in mind is that the lender needs to authorize how the cash will be utilized prior to the loan is given the OK. These loans aren't federally insured either, so lenders don't need to charge home loan insurance premiums. But since the cash from a single-purpose reverse home loan needs to be used in a particular method, they're typically much smaller sized in their amount than HECM loans or proprietary reverse mortgages. https://www.bokkmarking-signs.win/west-financial-group |
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