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August 3, 2022 at 12:33 am #32135Elinor PendletonParticipant
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A Senior will never pay the monthly payments, like he has done with normal mortgages. Mortgage loan capital and many types of the costs will be paid back, when the loan will be closed. This happens, any senior will move away, sell home or shut off. Then the home will be sold and also the selling price will be taken to repay the loan and expenses.
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Why did I write this short article? Concerning has been confusions now and again about these differences. These both loans are mortgages and lots of people akin to been harder to understand, can it mean, when one other one is a reverse house loan. How a senior get a loan without the compulsory monthly back obligations? How a lender is going to pay to a senior based the plan a senior has made?
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