Sentences with phrase «home as a primary residence»

Going forward, that exemption will only be available to Canadian residents, Morneau said, and families will only be allowed to designate one home as their primary residence.

They also require you to take a homebuyer education course and occupy the home as your primary residence.

It's available to those who meet the requirements, are willing to complete homeownership counseling and live in the home as their primary residence.

Interesting data points: Absentee buyers, typically investors who don't intend on living in the home as a primary residence, made up 22.3 percent of all homes sold in March, up from 20.9 percent at the same time last year.

But if you're in a situation where your kids get anxious every time they travel back and forth, it may be better to choose one home as the primary residence while still sharing parenting time 50/50.

An order for joint custody may specify one home as the primary residence of the child and designate one parent to have sole power to make decisions regarding specific matters while both parents retain equal rights and responsibilities for other matters.

Provided that the title to the property is in the name of the veteran's unremarried, surviving spouse, who continues to use the home as the primary residence.

To qualify, you must have owned and used the home as a primary residence for at least two years out of the five years leading up to the sale.

If you are looking for a way to pay off your existing mortgage to free up cash, you may be eligible to get a reverse mortgage loan to leverage your home's equity and pay off your existing mortgage.2 Reverse mortgages, unlike forward mortgages, do not require monthly mortgage payments for as long as you live in the home as your primary residence, maintain it in accordance with HUD guidelines, and pay your property taxes and homeowner's insurance.1

1 Borrowers must still live in the home as their primary residence, continue to pay required property taxes, homeowners insurance, and maintain the home according to FHA requirements.

You must meet all the requirements (age 62 or older, occupying the home as the primary residence, etc.) to be eligible, as long as your property meets HUD requirements.

Occupancy restrictions also apply: You must use the home as your primary residence and move into the house within a certain amount of time — usually 30 to 60 days — within closing.

The borrower must also dwell in the home as the primary residence and are required to get FHA approved counseling prior to being approved for the loan.

They must continue to live in the home as their primary residence, pay for homeowner's insurance and property taxes, and maintain the home according to the Federal Housing Administration (FHA) guidelines.

* You must live in the home as your primary residence, continue to pay required property taxes, homeowners insurance and maintain the home according to Federal Housing Administration requirements.

I expect to use the own the home as my primary residence for 5 years and then use it as a rental property.

You must live in the home as your primary residence.

If, however, the recipient chose to keep and inhabit the home as their primary residence, this would «make it a tax - free transaction,» says Plaskett.

Complying with all the loan terms, such as continuing to live in the home as your primary residence.

Stops occupying the home as their primary residence or leaves the home for more than 12 consecutive months.

To be eligible, borrowers must be at least 62 years old and live in their home as a primary residence.

Important Disclosures: 1 You must live in the home as your primary residence, continue to pay required property taxes, homeowners insurance, and maintain the home according to FHA requirements.

You must continue to live in your home and are financially responsible for it Reverse mortgages require the borrower (s) to live in the home as their primary residence, continue to pay for homeowners insurance and property taxes, and maintain the house in accordance with FHA guidelines.

This program is great for foreclosure hunters, whether they plan to use the home as a primary residence, second home or investment property.

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.

To qualify, you must have resolved the cause of default (for example, if you lost your job, you must have found a new one), and you must continue to use the home as a primary residence.

As long as the borrowers continue living in the home as their primary residence and remain current on all loan obligations (including paying the taxes and insurance and keeping up home maintenance), the loan balance will not become due and payable.

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.

A reverse mortgage requires borrowers to continue occupying the home as their primary residence.

Borrowers must occupy the new home as a primary residence within 60 days of closing.

All homeowners on the note must be at least 62 years of age and occupy the home as their primary residence.

Unlike a traditional mortgage, home equity loan, or home equity line of credit (HELOC), a reverse mortgage allows senior homeowners to access a portion of their equity without ever having to make a monthly mortgage payment.3 The loan proceeds are not taxed as income, or otherwise, 4 and do not become due until the last borrower or qualifying non-borrowing spouse no longer occupies the home as their primary residence.3

As long as you occupy the home as your primary residence, your single family home could qualify.

If the last borrower no longer occupies the home as their primary residence, then the loan becomes due and payable — This can be a limiting factor.

Important Disclosures: 1 You must still live in the home as your primary residence, continue to pay required property taxes, homeowners insurance, and maintain the home according to FHA requirements.

The IRRRL requires only previous occupancy to satisfy the VA and lenders, but veterans looking for a Cash - Out must intend to occupy the home as their primary residence.

The loan will not become due and subject to repayment as long as you continue to meet loan obligations such as living in the home as your primary residence, maintaining the home according to the Federal Housing Administration (FHA) requirements, and paying property taxes and homeowners insurance.

1You must still live in the home as your primary residence, continue to pay required property taxes, homeowners insurance, and maintain the home according to FHA requirements.

The basic requirements to qualify for a reverse mortgage loan include: the youngest borrower on title must be at least 62 years old, live in the home as their primary residence and have sufficient home equity.

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

A reverse mortgage loan typically does not require repayment for as long as the borrower (s) continues to live in the home as the primary residence, pays property taxes and insurance, and maintains the home according to the Federal Housing Administration (FHA) requirements, or until the last homeowner has passed away or has moved out of the property.

Last year 4,343 Texas homeowners tapped into their home equity using a reverse mortgage loan.3 Unlike a traditional mortgage, a reverse mortgage allows senior homeowners to access a portion of their equity without ever having to make a monthly mortgage payment.4 The loan proceeds are not taxed as income, or otherwise, 5 and do not become due until the last borrower or qualifying non-borrowing spouse no longer occupies the home as their primary residence.

You must intend to occupy the home as your primary residence — no vacation homes or rentals are allowed.

The Reverse Mortgage does not become due and payable, as long as you meet the loan obligations; live in the home as your primary residence, continue to pay the Property taxes, Homeowners Insurance, HOA dues and maintain the home.

The similarity is that both allow for fixed monthly payments, but with a tenure plan, it allows for monthly payments as long as you live in the home as a primary residence.

When you sell the property or no longer occupy your home as your primary residence for a period of 12 months or longer, or fail to maintain the property taxes and homeowners insurance.

VA loans typically require the borrower to intend to occupy the home as their primary residence.

You used the home as your primary residence for a total of at least two years in that same five - year period.

The borrower and any co-borrowers must occupy the home as their primary residence on a permanent, year - round basis within 60 days of closing.

You can only receive down payment assistance if you intend to use the new home as your primary residence.