Single-Purpose Reverse Mortgage: What It Is, How It Works
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Wondering what a reverse mortgage is, and whether it can be used in the purchase of a new home? Absolutely it can, in a process called a Home Equity Conversion Mortgage Purchase or HP4 HECM. An existing home or new construction home is bought at the same time a reverse mortgage is taken, and the transaction is rolled into one. It’s an option for homebuyers who, either to be closer to family, to downsize, or move to a home that better meets their needs—a single story home, for example- without dr
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