single purpose reverse mortgage
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single-purpose reverse mortgages Allow Borrowers to Pay For Specific, Lender-Approved Expenses . The most common kind of reverse mortgage on the market is the HECM, or Home Equity Conversion Mortgage, which is tightly regulated and insured by the FHA.However, there are other kinds of reverse mortgages out there, including both proprietary reverse mortgages and single-purpose reverse mortgages.
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Single purpose reverse mortgage. usually offered by the government. The lender specifies that the loan can only be used for one specific purpose, such as home improvements. This is the cheapest type of reverse mortgage available. Proprietary reverse mortgage.
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Single-Purpose Reverse Mortgage. A single-purpose reverse mortgage, sometimes referred to as a deferred payment loan (DPL), is offered by many local and some state government agencies. Unlike a HECM, a single-purpose reverse mortgage can only be used for improving and repairing your home and is disbursed as a one-time lump sum.
Single-purpose reverse mortgages are offered by some state and local agencies and some non-profit organizations. According to the AARP, single purpose reverse mortgages usually have the lowest cost structure, and are only available to low to moderate income homeowners.
Types of Reverse Mortgages It is a common misconception that reverse mortgages are best used only as a last resort. Though some other financial products are designed for a single purpose, the truth is that reverse mortgages are not a "one size fits all" loan.
With a single-purpose reverse mortgage, the lender restricts how you can use the money from a reverse mortgage. For example, a single-purpose reverse mortgage may only be used to pay off property taxes or to make home repairs. These reverse mortgages are typically the least expensive option, but they are limited in availability.
Reverse Mortgage Types. The three basic types of reverse mortgage are: Single-purpose reverse mortgages, which are offered by some state and local government agencies and nonprofit organizations; Home equity conversion mortgages (HECMs), which are federally-insured reverse mortgages backed by the U. S. Department of Housing and Urban Development (HUD)
In general, single-purpose reverse mortgages are made available to moderate-to-low-income homeowners who need help paying for smaller, but crucial expenses such as property taxes and home repairs.
Single-Purpose Reverse Mortgage: A financial tool that lets senior homeowners retrieve some of the equity from their homes for a specific, lender-approved reason. Single-purpose reverse mortgages.