| Informacje o comganxvh7 |
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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 local level, and by nonprofit groups too. It's a type of reverse mortgage that puts rules and restrictions on how you can utilize the cash from the loan. (So you can't spend it on an expensive trip!) Usually, single-purpose reverse home mortgages can just be used to make residential or commercial property tax payments or spend for home repairs.
The important things to bear in mind is that the lender has to approve how the money will be used before the loan is given the OK. These loans aren't federally insured either, so loan providers don't need to charge home loan insurance coverage premiums. But because the cash from a single-purpose reverse home mortgage has actually to be utilized in a particular way, they're normally much smaller sized in their quantity than HECM loans or proprietary reverse mortgages. https://coub.com/ableigkrg1 |
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