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As an example, if closing prices are funded, the minimum required down payment is typically in between 29% to 63% of the acquisition price. Much like a regular HECM, this type of mortgage is backed by the FHA. Also, like most reverse mortgages, it has a non-recourse condition, suggesting that you can never owe more than your home's worth when the lending becomes due. An HECM for Purchase lets adults ages 62 as well as up obtain a reverse home mortgage on their present residence, and make use of the proceeds to acquire a new principal residence. https://beterhbo.ning.com/profiles/blogs/do-you-understand-the-8-kinds-of-mortgages |
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