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Single-purpose reverse mortgages. Offered by nonprofits and state and local government agencies, these loans are aimed at lower-income borrowers and can only be used for one specific purpose, such ...
Single-purpose reverse mortgage – Not as common as a HECM or proprietary reverse mortgage, this is a loan from a state or local government agency or nonprofit. Generally, it’s the least ...
A reverse mortgage allows... For many retirees, their largest asset is their home -- but they might not be ready to sell to cash in on their equity. That's where a reverse mortgage can come into play.
A reverse mortgage is a mortgage loan, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments.
Reverse mortgage: In the extreme or limiting case of the principle of negative amortization, the borrower in a loan does not need to make payments on the loan until the loan comes due; that is, all interest is capitalized, and the original principal and all interest accrued as of the due date are paid off together and at once.
A reverse mortgage is not free money — interest and fees will be added to your mortgage balance each month. That means the amount you owe on your mortgage will go up.
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