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With a reverse mortgage, a lender makes payments to the homeowner based. To assist borrowers in comparing mortgage costs, the federal Truth in Lending Act requires mortgage providers to present.
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So, the shocking truth about reverse mortgage with condominiums is that even though you may not owe anything on your unit and you may meet the age requirements, the project may prevent you from being able to get a reverse mortgage. We see more projects being declined than approved at this time by about a 2 – 1 ratio.
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