Sentences with phrase «estate pay back the lender»

Not exact matches

When you get a traditional commercial real estate loan, you approach a lender, receive funds and pay the loan back to the lender over the course of several years.

To pay back the loan, the lender may sell the home, the borrower may pay from other sources, or repayment may come out of the borrower's estate.

When you get a traditional commercial real estate loan, you approach a lender, receive funds and pay the loan back to the lender over the course of several years.

Real creditors (i.e. a bank or finance company) have legal contracts with the borrower granting the lender the right to claim any of the debtor's real assets (e.g. real estate or car) if he or she fails to pay back the loan.

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.

After the lender's real estate attorney, also known as the closing attorney, explains at closing to the homebuyer that by signing the «note» he or she is promising to pay the loan amount back, homebuyers are sometimes surprised when the attorney then presents the mortgage document to be signed.

In cases where the sale of the home is not enough to pay back the reverse mortgage, the insurance protects the borrower or estate from owing more than the sale price by covering losses incurred by the lender.