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Avoiding Costly Mistakes
Beware of:
- Sales tactics involving the required or suggested purchase of annuities, other investments, long term care insurance, or other types of insurance policies with proceeds from the loan.
- Sales tactics involving contractors looking for proceeds to pay for home repairs.
- Being advised to transfer title to the property out of your or your spouse's name to qualify for the loan. Understand the legal consequences of title transfers.
- Being advised to have loan proceeds payable to third parties and not you as the borrower(s).
- Estate planning services that offer to refer you to a lender for a fee or percentage of the loan. You can obtain information on lenders from the Division of Banks and HUD at no cost.
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