If you are considering reverse mortgage solutions, there are three types and the single-purpose loan, which is usually offered by the state is not available in Hawaii. The proprietary or jumbo loan is.
The Federal Trade Commission says most homeowners with a low or moderate income can qualify for the single-purpose loans, which also are the least expensive. But they may not be available in all areas.
Single-Purpose Reverse Mortgage A single-purpose reverse mortgage is a loan that is made for a specific purpose, such as a home improvement loan or to pay off a debt. Single purpose reverse mortgages are the least expensive form of reverse mortgage, and are typically made available to homeowners from state agencies and local non-profit groups.
– The single-purpose reverse mortgage, which is low-cost and geared towards people with lower incomes, can be used for specific purposes, like home improvements and repairs, or for paying property taxes. The third kind of reverse mortgage is the proprietary reverse mortgage, which is a loan offered by a private company.
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A reverse mortgage is a mortgage loan, usually secured over 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. Borrowers are still responsible for property taxes and homeowner’s insurance.
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Reverse Mortgages: Get the Facts. Single-purpose reverse mortgages generally have very low costs. But they are not available everywhere, and they only can be used for one purpose specified by the government or nonprofit lender, for example, to pay for home repairs, improvements, or property taxes.
Those opposing reverse mortgages cite agencies, both governmental and private, that could be a source of funds for seniors having trouble making ends meet. And if your home needs substantial repairs,
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· Single purpose reverse mortgages – offered by some state and local government agencies, as well as nonprofit operations. These are generally the least expensive option. Proprietary reverse mortgages – private loans with rates and terms often tied to the value of the property itself.
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