Informacje o tedionkue6 |
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11-10-2020 |
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A single-purpose reverse home mortgage is offered by government companies at the state and regional level, and by not-for-profit groups too. It's a kind of reverse home mortgage that puts guidelines and constraints on how you can use the cash from the loan. (So you can't spend it on a fancy vacation!) Typically, single-purpose reverse home mortgages can only be used to make real estate tax payments or spend for home repair work.
The important things to keep in mind is that the lender needs to authorize how the cash will be used prior to the loan is given the OK. These loans aren't federally guaranteed either, so lending institutions don't need to charge home mortgage insurance coverage premiums. But considering that the cash from a single-purpose reverse home mortgage needs to be utilized in a particular method, they're usually much smaller sized in their amount than HECM loans or proprietary reverse home loans. https://www.ultimate-guitar.com/u/cheleniq0e |
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