Sentences with phrase «borrower meets the loan obligations»

The loan typically does not become due, as long as the borrower meets the loan obligations.

The loan typically does not become due, as long as the borrower meets the loan obligations.

Not exact matches

Credit risk is the risk of loss of principal or loss of a financial reward stemming from a borrower's failure to repay a loan or otherwise meet a contractual obligation.

• Further explain a reverse mortgage • Tell you about reverse mortgage product options • Go over reverse mortgage costs, such as the total annual cost • Help you determine your borrower eligibility • Help you determine if you can afford a reverse mortgage • Help you determine if you can meet all financial obligations such as maintaining your taxes and insurance • Expose you to alternative options like tax deferral programs, grant money, financial assistance, etc. • Explain how your choice can impact your heirs and estate • Go over loan comparisons

A bad credit personal loan is a loan designed specifically for those borrowers who have less than perfect credit, due to illness or injury that prevented them from working and meeting payment obligation, or job loss due to the weak economy that has forced hundreds of companies to shut down and thousands of workers to lose their jobs.

In essence, the new changes will require mortgagees to conduct the financial assessment in order to evaluate reverse mortgage borrowers more thoroughly and to provide at risk borrowers with the means to meet their loan obligations.

A reverse mortgage allows homeowners 62 and older to convert a portion of their home equity into usable funds without having to repay the loan for as long as the loan obligations are met.1 The fact that reverse mortgages do not require monthly mortgage payments2 often leaves potential borrowers with questions about when the loan -LSB-...]

Reverse mortgages do not require monthly payments and do not become due until the last borrower no longer occupies the home as their primary residence or fails to meet the loan obligations.5 Retirees may be able to improve their monthly cash flow and live a more comfortable lifestyle, by using a reverse mortgage to pay off their home or simply access their home equity to supplement their retirement income.

Default occurs when a borrower fails to meet the obligations of the loan contract, including failure to make loan payments.

As with any home - secured loan, the borrower must meet their loan obligations: keeping current with property - related taxes, insurance, maintenance and any homeowners association fees; failure to pay these amounts may cause the loan to come due, may subject the property to a tax lien or other encumbrances, or may result in the loss of the home; 4.

This type of mortgage allows homeowners 62 + years old to convert a portion of their home equity into usable funds without having to repay the loan for as long as the borrower continues to meet the loan obligations.1 As you evaluate this financing option consider -LSB-...]

A reverse mortgage allows homeowners 62 and older to convert a portion of their home equity into usable funds without having to repay the loan for as long as the loan obligations are met.1 The fact that reverse mortgages do not require monthly mortgage payments2 often leaves potential borrowers with questions about when the loan needs to be repaid.

The loan obligations require the borrower to pay for their own homeowners» insurance, property taxes, and maintain their home in accordance with guidelines mandated by the Department of Housing and Urban Development.1 As long as these terms are met; monthly mortgage payments are not required.

When a borrower sells their home or moves out, their loan obligations are no longer being met.

You do not meet the borrower obligations of maintaining payment of property taxes, homeowners insurance, homeowner's association fees, and basic home repairs or you fail to comply with other loan terms.

A reverse mortgage becomes due when the borrower fails to meet the loan obligations or no longer occupies the home as their primary residence.

FHA insures that borrowers can live in their home as long as basic loan obligations are met (homeowner's insurance in force, property tax payments current and the home is maintained in good condition).

To help ensure the long - term success of the HECM loan over time, HUD requires a review of each applicant's credit history, property tax payments and other credit factors that will be evaluated to measure a borrower's willingness and financial capacity to meet the ongoing obligations of the loan.

Apparently the borrower with the poor credit met their loan obligations.

Once the last surviving borrower passes away (and any non-borrowing spouse), the home is sold or the obligations of the loan are not met, the loan must be repaid.

- Have you considered what you will offer as collateral (the asset or assets that will be transferred to your lender if you can not meet your loan obligations) should your lender want loan security - Have you lined up a cosigner (someone who agrees to be liable for the debt if the borrower can not repay) should your lender request one?

Many borrowers take home equity loans to pay off debts and meet certain financial obligations but there are some who simply need it to fund their businesses.

When you cosign a loan, you agree to be 100 percent responsible for that loan if the primary borrower fails to meet their obligations.

Foreclosure: When a borrower fails to meet the obligations agreed upon in the mortgage loan agreement and the lender repossesses the property in order to get the money they loaned to the borrower back.

A reverse mortgage loan will become due if the borrower fails to meet the obligations of the loan, which include timely payment of property taxes, insurance and any homeowners association fees, and maintaining the property.

It could actually boost a person's credit score and increase the chance for mortgage approval, especially if the borrower (A) has made all loan payments on time and (B) has sufficient income to meet those obligations.

Full - payment test: Lenders are required to determine whether the borrower can afford the loan payments and still meet basic living expenses and major financial obligations.

Depending on factors including: length of credit history, income and existing credit obligations, student borrowers without a cosigner may be required to meet the minimum FICO ® score as determined by Ascent Student Loans.

The loan will not become due as long as the borrower continues to meet loan obligations such as living in the home as their primary residence, maintaining the home according to the FHA requirements, and paying property taxes and homeowners insurance.

On top of that, he adds, borrowers who make a good - faith effort to meet their obligations can typically get short - term financial help through revolving loan funds.

State Farm attempts to structure its loans so that the borrower could sustain a tenant loss and still meet its debt - service obligation without any problem.

The loan may also be due if the borrower (s) no longer meet the loan obligations.2

Although borrowers were accustomed to having no credit requirements before this change, they are now evaluated more thoroughly, allowing at - risk borrowers with the means to meet their loan obligations, if needed.

If the company servicing the loan can no longer meet its obligations, FHA assumes responsibility for the loan, providing the borrower with uninterrupted access to any remaining reverse mortgage proceeds.

• Further explain a reverse mortgage • Tell you about reverse mortgage product options • Go over reverse mortgage costs, such as the total annual cost • Help you determine your borrower eligibility • Help you determine if you can afford a reverse mortgage • Help you determine if you can meet all financial obligations such as maintaining your taxes and insurance • Expose you to alternative options like tax deferral programs, grant money, financial assistance, etc. • Explain how your choice can impact your heirs and estate • Go over loan comparisons

Loan maturity usually occurs if borrowers leave the home for more than twelve consecutive months and, in less usual circumstances, if the borrowers do not meet their financial obligations.

QM was issued earlier this year and lays out broad - based lender requirements to ensure loans are made only to borrowers who can reasonably be expected to meet repayment obligations.

Reverse mortgages do not require monthly payments and do not become due until the last borrower no longer occupies the home as their primary residence or fails to meet the loan obligations.5 Retirees may be able to improve their monthly cash flow and live a more comfortable lifestyle, by using a reverse mortgage to pay off their home or simply access their home equity to supplement their retirement income.

This type of mortgage allows homeowners 62 + years old to convert a portion of their home equity into usable funds without having to repay the loan for as long as the borrower continues to meet the loan obligations.1 As you evaluate this financing option consider -LSB-...]

According to the FHA, HECM loans differ from typical home loans or second mortgages because, «no repayment is required until the borrower (s) no longer use the home as their principal residence or fail to meet the obligations of the mortgage.»

This type of mortgage allows homeowners 62 + years old to convert a portion of their home equity into usable funds without having to repay the loan for as long as the borrower continues to meet the loan obligations.1