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Bear in mind, an exclusive reverse home mortgage is not backed by the federal government as well as, for that reason, will not have the same defenses for debtors. Single-purpose financing is the least costly alternative, however it varies from standard HECM financings in that it can just be utilized for a single, lender-approved factor. For instance, the lending institution might say that you can only use the car loan for home repair work, property taxes or insurance costs. https://www.onfeetnation.com/profiles/blogs/how-does-a-reverse-home-loan-job |
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