single purpose reverse mortgage

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There are three kinds of reverse mortgages: single purpose reverse mortgages – offered by some state and local government agencies, as well as non-profits; proprietary reverse mortgages – private loans; and federally-insured reverse mortgages, also known as Home Equity Conversion Mortgages (HECMs).

These are a type of reverse mortgage also known as property-tax deferral programs or deferred payment loans. single-purpose mortgages are only paid out in a one-time lump-sum advance and allow the homeowner to access only a part of their home’s equity.

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Two other options, which we will not discuss in depth, are programs offered through local governments to provide liquidity for a more limited purpose, and proprietary reverse mortgages which. were.

Reverse Mortgage Requirements by Loan Type. Borrowers can choose from three classes of reverse mortgages: single purpose, jumbo or proprietary and the FHA’s Home Equity Conversion Mortgage (HECM). Each type dictates its own set of eligibility requirements, rules and guidelines. HECMs account for 90 percent of reverse mortgages in the U.S.,

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Shmoop’s Finance Glossary defines Single-Purpose Reverse Mortgage in relatable, easy-to-understand language.

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.

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.

Finance of America Reverse is a direct lender focused solely on reverse mortgages. Founded in 2003, FAR operates in 43 states and is based in Oklahoma. This company offers a proprietary reverse mortgage plan which doesn’t require FHA approval, as well as standard single-purpose and veteran variants, which are backed by the FHA and VA.

For retirees who seek extra income for regular expenses, home repairs and upgrades, or simply a better quality of life, a reverse mortgage might be the best bet. There are several kinds:.