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10-13-2020 |
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A single-purpose reverse home loan is used by federal government companies at the state and local level, and by nonprofit groups too. It's a kind of reverse mortgage that puts rules and limitations on how you can use the money from the loan. (So you can't invest it on an elegant vacation!) Generally, single-purpose reverse mortgages can only be used to make real estate tax payments or spend for house repairs.
The important things to keep in mind is that the loan provider has to authorize how the cash will be used before the loan is given the OK. These loans aren't federally guaranteed either, so lenders do not need to charge home loan insurance coverage premiums. But considering that the cash from a single-purpose reverse home loan needs to be used in a particular method, they're generally much smaller sized in their quantity than HECM loans or proprietary reverse mortgages. http://www.liliyatv.net/user/gonachxqwn |
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