Sentences with phrase «borrowers leave the home»

When HECM borrowers leave their homes (to move into a nursing home, for example), they can no longer draw on their credit lines or tenure payments.

As long as they continue to pay the property taxes and homeowner's insurance on the home, keep it in good condition, and comply with the other loan terms, then loan repayment continues to be deferred until the borrower leaves the home.

The loan is repaid when you sell your home, move to another primary residence, or when the last borrower leaves the home.

Usually, once the last borrower leaves the home, it is sold to repay the loan, and the remaining equity is distributed to reverse mortgage heirs.

But they do not have to make any monthly loan payments, as the loan is repaid in one lump sum when the last borrower leaves the home and the home is sold.

This worked for the borrowers at the time because it was a husband and wife, the reverse mortgage was not due and payable until the last borrower left the home and they still had other income which made them able to pay some of their existing payment, they were just no longer comfortable at the entire payment.

Typically when the last borrower leaves the home, or does not pay taxes and insurance, or otherwise does not comply with loan terms.

With the HECM Line of Credit, re-payment is only required after the last borrower leaves the home, as long as the borrower complies with all loan terms such as continuing to pay taxes and insurance.

The loan is repaid when you sell your home, move to another primary residence, or when the last borrower leaves the home.

With the HECM Line of Credit, re-payment is only required after the last borrower leaves the home, as long as the borrower complies with all loan terms such as continuing to pay taxes and insurance.

Typically when the last borrower leaves the home, or does not pay taxes and insurance, or otherwise does not comply with loan terms.

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.

Not exact matches

PMI protects lenders against the risk that the value of the home will fall below the outstanding principal balance on the mortgage, leaving the borrower «underwater» on the loan.

That said, Veterans United Home Loans clearly caters to borrowers who are military veterans, leaving few reasons to choose this lender if you don't qualify for a VA loan.

by Karen Russell The Borrower by Rebecca Makkai The Family Fang by Kevin Wilson The Leftovers by Tom Perrotta The Night Circus by Erin Morgenstern The Sisters Brothers by Patrick deWitt The Storm at the Door by Stefan Merrill Block The Summer of the Bear by Bella Pollen The Uncoupling by Meg Wolitzer The Year We Left Home by Jean Thompson This Burns My Heart by Samuel Park Vaclav & Lena by Haley Tannen We, the Drowned by Carsten Jensen West of Here by Jonathan Evison

That said, Veterans United Home Loans clearly caters to borrowers who are military veterans, leaving few reasons to choose this lender if you don't qualify for a VA loan.

A Home Equity Conversion Mortgage, also known as the HECM reverse mortgage, is a loan that functions as a federally - insured cash advance on a borrower's home equity, and, while there are other maturity events as well, it is repaid when the last borrower or eligible non-borrowing spouse leaves the hHome Equity Conversion Mortgage, also known as the HECM reverse mortgage, is a loan that functions as a federally - insured cash advance on a borrower's home equity, and, while there are other maturity events as well, it is repaid when the last borrower or eligible non-borrowing spouse leaves the hhome equity, and, while there are other maturity events as well, it is repaid when the last borrower or eligible non-borrowing spouse leaves the homehome.

It explained how people could potentially buy two or three homes, leaving two or three homes vacant... because they weren't subject to the same pressures... that a typical borrower would have to demonstrate.»

While preferable to foreclosure, short sales still leave the borrower without a home or equity, and may result in a higher tax bill.

The Home Equity Conversion Mortgage (HECM or «Heck - um») line of credit is the one credit line that can never be frozen or closed while the borrower still has a remaining balance left on it.

When the borrower (or borrowers) dies or leaves the home, heirs can repay the loan from their own funds or sell the house, in which case the sales proceeds satisfy the loan, even if they fall short of the outstanding balance.

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-...]

However, the loan becomes due when the borrower passes away or leaves the home.

Other heirs don't have recourse, such as prompting the non-borrowing spouse to leave the home, after the homeowner / borrower has died.

On one hand, the agency wants to pursue its goal of encourgaging home ownership (whether that's appropriate is better left for another discussion), and so it imposes fairly lax underwriting standard on the borrowers.

These small, loans are easy to apply for because potential borrowers only need to meet a few eligibility requirements and don't have to offer any collateral or present a credit score, and the application process can be completed without ever leaving home.

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.

Instead of repaying the balance and interest as a monthly expense, repayment of a reverse mortgage is deferred to when the last borrower permanently leaves the home, or does not comply with the loan terms.

Because borrowers are not required to make any payments, the interest accrues on the balance and the entire loan is paid back when the last borrower permanently leaves the home, the younger a borrower is, the less they will receive under the program based on the HUD calculator.

The reverse mortgage allows you to stay in your home until the last borrower on the loan (or under the current guidelines, a qualified spouse who is under the age of 62 at the time the loan is obtained and is recognized as a Non-borrowing spouse) permanently leaves the residence.

Many of these borrowers had built up equity in their homes, but after pulling it out to pay everyday expenses, had little left and nowhere to turn when financing dried up.

It can also leave overextended borrowers precariously close to owing more than their homes are worth if the economy takes a turn for the worse or their financial circumstances change.

After you get a reverse mortgage on your primary residence, repayment is not due until the home is sold, the last borrower passes away or permanently leaves the home *.

Many felt it was merely predatory lending, offering risky mortgage programs at unreasonable costs, often pushing under - qualified borrowers into poorly explained loan programs such as option - arms and interest - only home loans, leaving them with mountains of debt.

It is not a government grant, but a loan that is repaid in the future when the home is sold or the last borrower dies or permanently leaves their residence.

Those left out in the cold: Borrowers who can afford a rate adjustment; those who are already behind on their payments; borrowers who hold option - ARMs that aren't subprime; those who can refinance into a fixed - rate loan; and those who bought homes as invBorrowers who can afford a rate adjustment; those who are already behind on their payments; borrowers who hold option - ARMs that aren't subprime; those who can refinance into a fixed - rate loan; and those who bought homes as invborrowers who hold option - ARMs that aren't subprime; those who can refinance into a fixed - rate loan; and those who bought homes as investments.

When the last remaining borrower on the loan or the non-borrowing spouse dies or leaves the home for more than 12 consecutive months.

Payment deferment ends when the last surviving member of the household permanently leaves the home (when the last borrower dies, moves out of the property for 12 consecutive months, or the property is sold).

Although no one can deny that bankruptcy definitely leaves a scar on your credit that will remain there for at least seven years (sometimes ten), there are ways that you can begin to recover from bankruptcy and things that you need to do to raise your credit rating and become a creditworthy borrower for a home mortgage.

The website allows borrowers to access and complete their mortgage paperwork without having to leave their homes.

Those borrowers with bad credit are often left with little or no choice when it comes to financing a home.

As home values have fallen, many borrowers are left owing much more on their mortgages than there homes are worth.

A borrower knows how best to use their loan money which is why home equity lenders leave them to decide on the best uses.

Though not keen on the borrower's credit situation, home equity lenders must first establish how much equity is left.

Perhaps most importantly, the reverse mortgage loan balance may increase faster than the home's value rises, which could erode the remaining home equity while the borrowers remain in the home, leaving little or nothing for the borrowers or their heirs.

Each borrower decides how much equity in the home they want to use and how much they want to leave to their heirs.

With a lower credit score and a higher interest rate, some borrowers will find their loan contract will leave them paying more in interest than for the home they purchased.

The VA guidelines still enable borrowers to refinance and get cash out with only 10 % equity left in the home after the new loan.

Borrowers can apply, receive, and repay their loan without ever leaving the comfort of their homes.

Following the deduction of the upfront fees and the payoff of the existing mortgage (a Reverse Mortgage borrower must always pay off any existing mortgages and other liens against the home), the borrower in our Reverse Mortgage example is left with the following amounts available in the form of lump sum cash or line of credit.