Sentences with phrase «due on a reverse mortgage»

While there is never a payment due on a reverse mortgage, there is no prepayment penalty and you can make a full or partial payment at any time without penalty if your goal is to continue to pay your line down.

There is never a payment due on a reverse mortgage but there is also no prepayment penalty of any kind with a reverse mortgage.

Either your parents or the heirs can keep the home and pay the balance due on the reverse mortgage, or they can decide to sell the home and use the proceeds to pay off the reverse mortgage.

This means that over time the balance due on a reverse mortgage grows, assuming the homeowner is not repaying the borrowed amount.

Interest payments are added on to the principal of the loan (with no payments due until the borrower leaves the property) and the amount due on a Reverse Mortgage will never exceed the value of the property, even if the property decreases in value over the lifetime of the loan.

There is never a payment due on a reverse mortgage but there is also no prepayment penalty of any kind with a reverse mortgage.

Not exact matches

When the last borrower on the reverse mortgage dies, sells or otherwise conveys the property title to someone else or doesn't reside in the property for 12 months, the reverse mortgage becomes «due and payable.»

When the last surviving borrower on the reverse mortgage meets one of the qualifying events for repayment, the loan will become due.

The loan becomes due and payable as soon as the borrower moves from the home or passes away, so if you have plans to move in the next few years, you may want to also wait on getting the reverse mortgage.

As long as you live in the home as your primary residence and are up to date on your loan obligations (property taxes, homeowner's insurance and home repairs), the reverse mortgage will not be due and payable, and you won't be required to repay it.

«We made the strategic decision to exit the reverse business due to competing demands and priorities that require investments and resources be focused on other key areas of our business,» said Doug Jones, consumer sales and institutional mortgage services executive for Bank of America Home Loans.

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 *.

Reverse mortgage solutions provide cash or monthly payments, and no repayment on the loan is due for as long as the homeowner lives in the home.

In the past, some married couples made only one spouse an official borrower on the contract, with an unintended consequence: if the borrowing spouse died first, the reverse mortgage was due and, in many cases, the surviving spouse would lose the home unless he or she could repay the reverse mortgage in full.

With a reverse mortgage, upon the passing of its youngest homeowner, the estate can sell the property but the lender must be paid back the loan amount in addition to any mortgage insurance premiums and interest due on the loan.

The accumulated debt and interest on a reverse mortgage, plus costs, is due when the mortgage holder moves, sells the home or dies.

The good news is that the interest payments are added on to the principal of the loan, and no payments are due until the borrower leaves the property on which the Reverse Mortgage has been placed.

When you die, the balance on a reverse mortgage is due immediately.

Mrs. Nonas has 17 years of combined experience; worked at Moody \'s Investors Service covering the entire spectrum of mortgage backed securities products and small balance commercial loans; at WestLB and Barclays Capital, was the mortgage lead on the risk management team underwriting over $ 15 billion in mortgage financing facilities, established warehouse lines of credit, reverse repurchase agreements, Asset - Backed Commercial Paper (ABCP) conduits and other credit facilities for subprime mortgage originators and servicers; developed a process to conduct and document on site due diligence at the counterparty \'s origination and servicing base of operations.