Positives and negatives regarding an opposite Mortgage

Exclusive Contrary Mortgage loans

Specific loan providers provide exclusive opposite mortgage loans geared to residents who want to acquire funds to own high-value property. If you find yourself such funds commonly susceptible to regulations one to control HECMs, really lenders tend to go after and provide an identical individual defenses, that have mandatory counseling getting part of the newest lot. Given that loan providers always provide these mortgage loans on property one to worthy of from the $one million or higher, discussing all of them since the jumbo reverse mortgages is quite popular.

Single-Goal Opposite Mortgages

Single-purpose reverse mortgages offered by specific condition and local governing bodies require that you use the new continues you receive from the loan to have particular intentions particularly expenses possessions taxes otherwise carrying out fixes. Read more “Positives and negatives regarding an opposite Mortgage” →