Sentences with phrase «loan becomes due»

In other cases, the entire principal balance must be paid when the loan becomes due.

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.

The loan becomes due and payable when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, or defaults on taxes and insurance payments, or does not otherwise comply with loan terms.

Borrowers must also occupy home as primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable.

Important Disclosures: 1 You will retain the title and ownership during the life of the loan, and you can sell your home at any time (at which time the loan becomes due).

When the loan becomes due it must be paid.

As a result, the loan balance grows with a reverse mortgage until the loan becomes due, usually when the homeowner permanently moves out of the property or passes away.

When the loan becomes due, you or your heirs have the option of paying off the full balance of the loan and keeping the home.

The loan becomes due and payable when a maturity event occurs.

Borrowers must occupy home as their primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable.

When any of these instances occur, the reverse mortgage loan becomes due and payable.

The loan becomes due when all of the homeowners have passed away or have permanently moved out of the property, provided that taxes and insurance are paid and the home is maintained according to Federal Housing Administration (FHA) standards.

The borrower must remain in the home: If a borrower moves out or passes away, the loan becomes due.

4 You will retain the title and ownership during the life of the loan, and you can sell your home at any time (at which time the loan becomes due).

If the house is sold, the remaining balance of loan becomes due.

Once a student loan goes into «default» status the full balance of the loan becomes due immediately.

For instance, if your employment ends for any reason, the loan becomes due immediately.

And even though you will never owe more than the value of your home when the loan becomes due (upon your death or when you no longer live in it), keep in mind that home values have the potential to increase over time.

The date upon which a loan becomes due and the borrower must repay the lender principal and any final interest.

When a reverse mortgage loan borrower passes away, the loan becomes due and payable.

If you move out, the loan becomes due.

yes They have the option to refinance into a traditional mortgage to keep the home after your reverse mortgage loan becomes due.

If you borrow from your home equity, then it goes into the loan balance and then when the individual leaves their home, then the loan becomes due — that is the time that the loan becomes due.

The implication of this is that, your loan becomes due immediately.

This means that if you decide to move, the entire amount of the loan becomes due.

The HECM loan becomes due and payable when the last remaining borrower on the loan has not lived in the home for more than 12 months; if the homeowner isn't current on property taxes, homeowner's insurance or other loan terms; or if the house is sold.

Lenders must offer heirs up to 30 days from when the loan becomes due to determine what they want to do with the property, and up to six months to arrange financing.

Heirs wishing to retain the home after the loan becomes due may choose to pay the lesser of the (1) loan balance or, (2) 95 % of the home's appraised value, less any closing costs and real estate commissions.

Regardless of what you owe when the loan becomes due as a result of your moving out of the home or passing, you or your heirs can never owe more than your home is worth on a bona fide sale.

However, you will never ever owe more than the home's value at the time the loan becomes due.

This means that regardless of the loan balance, you and your heirs will not be responsible for repaying more than the home's appraised value at the time the loan becomes due and payable.

Also, if you sell your home, the entire amount of your fixed rate home equity loan becomes due.

At this point your credit score will drop dramatically, your entire loan becomes due and the total amount you owe will increase.

When the last reverse mortgage borrower passes away, the loan becomes due.

The loan becomes due when all of the homeowners have passed away or have permanently moved out of the property, provided that taxes and insurance are paid and the home is maintained according to Federal Housing Administration (FHA) standards.

This means that the loan becomes due.

With a reverse mortgage, you are not required to repay the loan until the loan becomes due and payable.

With a reverse mortgage, you will not be required to repay the loan until the loan becomes due and payable.

The longer the loan lasts, the more likely the total amount accumulated may exceed the total available home equity when the loan becomes due.

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.

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

As with any reverse mortgage, the loan becomes due when the borrower moves from the home or passes away.

When any of these instances occur, the reverse mortgage loan becomes due and payable.

However, you don't pay on the interest until the entire loan becomes due.

When a borrower is in default the loan becomes due in full immediately and the lender may pursue more aggressive collection techniques, such as sending the account to a collection agency or filing suit against the borrower.

Once you move out of your home or pass away, the loan becomes 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.

2 Your HECM loan will accrue interest that together with principal will have to be repaid when the loan becomes due.

You and your estate will never owe more than the fair market value of the home as determined by a licensed FHA - certified appraiser when the reverse mortgage loan becomes due and payable.

When you sell or otherwise vacate your home, the housing assistance loan becomes due and payable.