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Bear in mind, a proprietary reverse home loan is not backed by the federal government and also, consequently, will not have the same protections for debtors. Single-purpose financing is the least expensive alternative, but it varies from fundamental HECM fundings because it can only be utilized for a single, lender-approved reason. For instance, the lending institution might state that you can just utilize the lending for home repair services, real estate tax or insurance costs. http://titussaxf258.theglensecret.com/the-various-types-of-home-loans |
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