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Remember, an exclusive reverse home mortgage is not backed by the federal government and also, for that reason, will not have the very same protections for borrowers. Single-purpose loan is the least expensive option, but it differs from fundamental HECM fundings in that it can only be utilized for a solitary, lender-approved factor. For example, the lender may state that you can only use the loan for home repair work, property taxes or insurance policy costs. https://www.openlearning.com/u/esterly-qfl9qo/blog/WhatIsAReverseHomeMortgageWhatIssuesMayOccurWithOne/ |
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