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Can I use the proceeds from a reverse mortgage from Bank of America to purchase a home?

April 26, 2017America Bank Home proceeds purchase reverse mortgage

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Can I use the proceeds from a reverse mortgage from Bank of America to purchase a home?

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Yes. With a reverse mortgage, you can use the proceeds to purchase a home. You will be responsible for making a down payment equal to the difference between the value of the home and the amount of financing you receive. You will not need to make any reverse mortgage payments while you live in the home or until a maturity event occurs. Learn more about how you can spend it.