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Keep in mind, an exclusive reverse home loan is not backed by the federal government and, for that reason, will certainly not have the exact same defenses for debtors. Single-purpose lending is the least costly alternative, but it differs from fundamental HECM financings in that it can only be used for a solitary, lender-approved reason. For instance, the loan provider may say that you can just use the financing for home repair work, real estate tax or insurance premiums. https://truxgo.net/blogs/68873/422212/5-sorts-of-mortgage |
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