Purchase Reverse Mortgage
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- No contractual monthly payment
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- qualifying is easier
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- must pay property taxes, insurance & maintenance
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- Alternative to all cash transaction
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- Preserves cash for retirement
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- Down payment depends on age of youngest borrower (Use 50% down as guideline)
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- No seller concessions allowed
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- - Title/transfer fees must be paid by borrower (approx. $2,500). Net sheet on buyers bid will be higher