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The money that you receive through the RAMs is in form of direct deposits in your account and is completely tax-free. <\/b><\/p>
You can borrow up to seventy percent of the appraised value of the property till the state conforming loan limit which in many states is $647,200. <\/b><\/p>
This money could be sued to cover the cost of both in-home and out-of-home care. You as a borrower don\u2019t have to pay any closing costs out of your pocket. <\/b><\/p>
And you get a certain percentage increase (Usually two to three percent) in your monthly payment that you would receive from the lender.<\/b><\/p>\n
There is also a provision of getting a lump sum at the time of closing for the eligible borrowers of five thousand dollars to pay off any outstanding taxes, small liens, medical expenses, outstanding bills, or minor home improvements. <\/b><\/p>
A lump sum of twenty-five thousand dollars is also granted to eligible borrowers to cover medical or supportive services.<\/b><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t