Homebuyers interested in a fixer-upper could roll the purchase price plus home improvement funds into a single loan. How is a Title 1 loan used? Title 1 loans, on the other hand, can’t be used to purchase a home. Proceeds may be used for "improvements that will make your home more livable and useful," according to HUD.
Lowest Interest Rates On Mortgages Reverse Mortgage Calculator Canada reverse mortgage canada – CHIP – "My mortgage broker told me that CHIP could be used to help me purchase the new townhouse I wanted. With a CHIP Reverse Mortgage, my broker explained, the purchase price of the new house can consist of the down payment (proceeds of the sale) and the reverse mortgage.