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10-12-2020 |
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A single-purpose reverse mortgage is used by government agencies at the state and local level, and by nonprofit groups too. It's a kind of reverse home mortgage that puts guidelines and restrictions on how you can use the money from the loan. (So you can't spend it on an elegant getaway!) Generally, single-purpose reverse mortgages can just be used to make real estate tax payments or spend for home repairs.
The thing to keep in mind is that the loan provider needs to approve how the cash will be used before the loan is provided the OKAY. These loans aren't federally insured either, so lenders don't need to charge home mortgage insurance premiums. However considering that the cash from a single-purpose reverse home loan has actually to be utilized in a specific way, they're usually much smaller in their quantity than HECM loans or proprietary reverse mortgages. https://ello.co/zorachv6wg |
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